Calls for transferring frozen Russian assets to Ukraine have gained momentum, with officials in Europe and elsewhere urging the use of billions of dollars in frozen Russian assets to buy weapons for Ukraine and finance its reconstruction. The money, roughly $300 billion owned by Russia’s central bank, was frozen by the United States, European Union, Britain, and others after Russia invaded Ukraine in February 2022.
The idea has been debated since the start of the war, but recent comments from high-ranking officials have boosted support for the plan. Donald Tusk, the prime minister of Poland, called for “enough talking, it’s time to act” and suggested using frozen Russian assets to finance aid for Ukraine. Estonian Foreign Minister Margus Tsahkna stated that the “time is ripe now to take the next step.”
Despite concerns over international law and financial risks, several experts argue that transferring the funds could be feasible. Philip D. Zelikow, a senior fellow at the Hoover Institution, noted that only a small fraction of the frozen assets are held by American banks, while most are in European institutions.
The World Bank estimates that repairing damage caused by Russia’s invasion will require $524 billion over 10 years. With the US suspending military aid to Ukraine and President Trump threatening to abandon Kyiv, support for using frozen Russian assets has intensified.
Several countries, including Britain, France, Belgium, and Germany, have resisted the idea in the past, citing concerns over legal and financial implications. However, Europe’s European Union is convening a working group to study the proposal.
Experts acknowledge that finding new sources of funding for Ukraine is crucial, particularly if a peace deal is not signed soon. Without security guarantees, no one will invest in Ukraine until a conflict resolution is reached.
Source: https://www.nytimes.com/2025/03/04/business/russia-assets-ukraine-trump.html