The United States is pressuring several EU member states to block plans to use frozen Russian assets to finance loans for Ukraine, a US media outlet reported on Friday, citing European diplomats.
US officials reportedly told European counterparts that the funds should be preserved to secure a peace deal in Ukraine, rather than used in a way that could prolong the conflict.
The European Commission is seeking to get EU countries to use the Russian Central Bank's assets to finance Ukraine's war effort. On November 8, Belgian news agency Belga reported that around 140 billion euros in Russian money could be used as a so-called reparations loan, which Ukraine would only repay if it receives "compensation for material damage" from Russia.
Following the start of Russia's military operation in Ukraine in 2022, the European Union and the G7 nations froze nearly half of Russia's foreign currency reserves, totaling approximately 300 billion euros. Around 200 billion euros are held in European accounts, predominantly in Euroclear, a Belgium-based securities depository.
The Kremlin has maintained that any attempts to confiscate Russian assets amount to theft and are a violation of international law.