US proposes unfreezing some Russian assets to restart Ukraine peace talks

United States envoys Steve Witkoff and Jared Kushner propose transferring a portion of the €260 billion in frozen Russian sovereign assets to a Washington-managed vehicle to restart peace negotiations. European delegates from the UK, France, Germany, EU, and NATO rebuff the plan during Miami discussions, citing legal concerns and insisting assets remain dedicated to Ukraine's reconstruction. Meanwhile, Moscow vows legal action to recover the immobilized funds.

US proposal to unfreeze Russian assets

• ▪The United States proposed that European nations unfreeze a portion of Russian sovereign assets immobilized after the 2022 invasion of Ukraine and transfer them to a Washington-overseen vehicle to restart peace negotiations
• ▪United States negotiators floated Steve Witkoff and Jared Kushner's asset unfreezing concept during October 2026 talks in Miami attended by delegates from Ukraine, France, Germany, the United Kingdom, the European Union, and NATO
• ▪United States special envoy Steve Witkoff and Jared Kushner pitched a proposal to unfreeze Russian assets to European and Ukrainian representatives during diplomatic talks in Miami

European opposition and commitments on assets

• ▪European Union leaders committed to using frozen Russian state assets for Ukraine's reconstruction if Moscow fails to pay war reparations, a decision requiring unanimity among all 27 member states
• ▪European capitals maintain opposition to spending the underlying principal of immobilized Russian sovereign assets, citing legal concerns surrounding property rights
• ▪European delegates rejected the United States proposal to unfreeze Russian assets, refusing to surrender control of the frozen Russian assets or return any assets to Moscow

Context on immobilized Russian assets

• ▪Ukraine received a €45 billion loan from Group of Seven nations generated against the interest earned on immobilized Russian state assets held in the European Union
• ▪Western allies immobilized approximately €260 billion in Russian sovereign assets following Russia's 2022 invasion of Ukraine, with the majority held in European Union institutions
• ▪Kyiv and several European states have called for immobilized Russian assets to be used to aid Ukraine