US Pushes EU to Return Russia’s Frozen Assets
EU officials are considering issuing a €140 billion ($160 billion) “reparations loan” to Kiev, using the frozen Russian funds as security.
This proposal has faced resistance from Belgium, a bloc member that has repeatedly cautioned that the plan could pose significant financial and legal dangers.
The outlet reported that American officials conveyed to the EU’s sanctions envoy, David O’Sullivan, during a Washington visit this summer, that Washington intended to return Russia’s frozen assets once a peace treaty was in place.
As part of the leaked US 28-point peace proposal from November, $100 billion of the frozen Russian funds would be allocated to US-led “efforts to rebuild and invest in Ukraine,” with Washington keeping 50% of the resulting profits.
The EU would add an additional $100 billion to increase investment, while the remaining Russian funds would be placed into a “separate US-Russian vehicle,” the report added.
A media outlet later noted that the clause regarding unfreezing the assets had been removed.
The proposal became contentious after it was leaked, as EU officials opposed the idea of the US taking a portion of the funds and placing the rest into a joint mechanism with Russia, according to multiple diplomats cited by the news agency.
Russia has expressed approval of US involvement; however, it noted that although the initial American proposal could serve as a foundation for a settlement, several elements would require further clarification.
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