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The Financial Times reports that U.S. negotiators proposed unfreezing some Russian assets frozen in Europe and placing them under a structure controlled by Washington. European officials rejected the proposal, saying they opposed handing control to anyone or returning assets to Moscow. The proposal was discussed as part of broader peace talks on Ukraine, but its details and status remain unclear.
The United States proposed that European countries unfreeze some Russian assets held under sanctions and transfer them to a structure controlled by Washington, the Financial Times reported on October 15, citing four people familiar with the discussions. European officials rejected the proposal, saying they opposed giving control of the funds to anyone and ruled out returning any portion to Moscow.
U.S. negotiators Steve Witkoff and Jared Kushner presented the proposal during talks in Miami on October 9, attended by representatives of Ukraine, France, Germany, the United Kingdom, the European Union and NATO, according to the FT. The fate of the assets was discussed as part of a broader peace agreement, and the American side reportedly raised several possible arrangements for unfreezing funds, including a Washington-controlled structure.
The FT’s sources said European officials at the meeting rejected the plan. They opposed transferring control of the assets to another party and said they would not support returning any share of them to Russia. The report also said the proposal prompted concern among European officials and Kyiv about Washington’s intentions and its approach to putting pressure on Moscow.
The report does not establish that the United States and European governments reached an agreement, or that any assets have been unfrozen or transferred. The proposal was one element discussed in negotiations, and the available account does not specify the amount that might have been affected or the precise legal and financial structure Washington had in mind.
Control of Frozen Funds at Stake
The dispute concerns both the future of billions of euros in Russian state assets and who would decide how they are used. A shift from the existing European sanctions framework to a Washington-controlled arrangement could alter the role of the countries and institutions currently holding the funds. The reported European rejection signals that U.S. proposals on sanctions and negotiations do not necessarily have the backing of the governments that hold much of the assets.
The issue also intersects with efforts to secure support for a halt in fighting. A separate New York Times report, as summarized by Meduza, said Washington offered Russia three economic incentives to encourage acceptance of a partial ceasefire, including unfreezing billions of dollars in Russian assets held in the West. That report described the money as an advance incentive for a partial truce, rather than a reward after a ceasefire took effect. The available reporting does not show whether the FT proposal and those reported incentives were the same plan.
For Ukraine, the question bears on the resources available to support the country and address war damage. The current European arrangement links income generated by frozen assets to a loan for Ukraine. Any change to the assets’ status or control could affect that arrangement, though the FT report does not say that the proposal would cancel or modify the loan.
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How Europe Holds the Assets
Western countries froze Russian Central Bank assets after Russia launched its full-scale invasion of Ukraine in 2022. The assets are valued at 260 billion euros, according to the source material. About 193 billion euros of that total is held at Euroclear in Belgium, a securities depository that holds the funds under the existing restrictions.
Income generated from the frozen funds at Euroclear is used to finance a loan to Ukraine of up to 50 billion euros. The principal assets themselves remain frozen; the use of income from them is distinct from transferring ownership or releasing the funds to Russia.
In December 2025, the European Union used a special procedure to approve an indefinite freeze on Russian assets without requiring the support of every member state. The freeze is set to remain until Russia ends the war and compensates Ukraine for the damage, according to the source material. That policy forms the backdrop to the reported U.S. proposal, which would require a different arrangement for at least some of the assets.
“Washington viewed the money as an advance incentive for a partial truce, not a reward for its taking effect.”
— The New York Times, as summarized by Meduza
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Proposal Details Remain Unclear
The FT report, based on four sources, does not specify how much money the proposed arrangement would cover, who would operate the Washington-controlled structure, or what legal authority would be used to unfreeze and transfer assets held in European jurisdictions. It is also unclear whether the plan was formalized in writing or raised as one option during negotiations.
The reported European rejection does not establish whether the proposal was withdrawn, revised or discussed again after the October 9 meeting. No public agreement to release or transfer the assets is identified in the source material. The positions of the U.S. government and the governments represented at the talks are reported through the FT’s sources, rather than through public statements quoted in the supplied account.
It is also not clear how the proposal would interact with the EU’s indefinite freeze, the Euroclear-based financing for Ukraine, or any separate ceasefire incentives reported by the New York Times. Those are related issues, but the available reporting does not establish that they form a single negotiated package.
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Next Steps in Asset Talks
The next development to watch is whether U.S. and European officials return to the proposal in further negotiations over a Ukraine peace agreement. Any change would require clarity on the amount involved, the legal mechanism, the role of asset-holding countries and how the arrangement would affect Ukraine’s existing financing.
For now, the reported plan remains a proposal that European officials rejected, not a decision to unfreeze Russian funds. Further official statements or reporting may clarify whether Washington has revised its approach and whether the parties can agree on the assets’ status as part of broader discussions about a ceasefire or peace settlement.
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Key Questions
What did the United States propose?
According to the Financial Times, U.S. negotiators proposed that European countries unfreeze some Russian assets and place them under a structure controlled by Washington. The report did not identify the amount covered or give details of the proposed structure.
Why did European officials reject the plan?
The FT reported that officials at the meeting opposed handing control of the assets to anyone and ruled out returning any portion to Moscow. The report also said the proposal raised concerns in Europe and Kyiv about Washington’s intentions and approach to pressure on Russia.
How much Russian money is frozen in the West?
The source material puts Russian Central Bank assets frozen in Western countries at 260 billion euros. About 193 billion euros is held at Belgium’s Euroclear. The FT report does not say how much of the total would have been covered by the U.S. proposal.
Are any assets being transferred now?
The source material reports a proposal and its rejection by European officials; it does not report that assets have been unfrozen or transferred. The proposal’s current status after the October 9 meeting is not clear.
What is the connection to Ukraine’s financing?
Income from frozen funds held at Euroclear finances a loan to Ukraine of up to 50 billion euros. The reporting does not say that the U.S. proposal would change that loan or the existing use of asset income.
Source: rss
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