Russia’s frozen assets at center of negotiations over Ukraine peace deal

Money is as central to Europe’s vital support of Ukraine as ammunition and intelligence. Yet, the bloc’s most viable funding mechanism involves seizing billions of dollars worth of Russian assets that U.S. President Donald Trump has proposed taking over.

The first draft of Trump’s 28-point peace plan called for an investment scheme for Ukraine’s reconstruction controlled by the U.S. but financed by $100 billion in frozen Russian assets matched by another $100 billion from the European Union — with 50% of profits sent back to Washington.

The plan surprised Europeans, who have spent years fiercely debating the fate of Russia’s frozen fortune.

The 27-nation EU has sent Ukraine almost $197 billion since Russia invaded Ukraine nearly four years ago. While there’s no consensus on how to provide more aid, there’s near unanimity on seizing the Russian assets to cover the estimated $153 billion for Ukraine’s budget and military needs for 2026 and 2027.

The Commission has proposed paying that bill with joint debt taken on by the EU and grants by individual nations, but its main source is the $225 billion assets frozen at Euroclear, a Brussels-based financial institution.

That is, if the Trump administration doesn’t get them first.