AI-generated illustration

US officials proposed that European countries release part of Russia's frozen assets as a way to revive peace talks between Kyiv and Moscow, the Financial Times reported, citing four sources. The talks took place in Miami last week between US and Ukrainian officials together with representatives from France, Germany, the United Kingdom, the European Union and NATO.

According to the sources, US envoy Steve Witkoff and Jared Kushner, President Trump's son-in-law, put forward several options, including transferring Russian-held assets into a new financial structure under US control. The European representatives turned down the proposal, the sources said, adding that the initiative raised questions about Washington's approach to pressing Moscow to end the war.

A US official familiar with the meeting told the newspaper that the use of frozen Russian assets is being considered within the framework of a comprehensive peace agreement, while mechanisms for releasing the funds and deciding how they would be spent are still under review. Ukrainian officials taking part in the talks noted that the issue had already been discussed with US counterparts in earlier meetings. The EU and G7 froze about half of Russia's currency reserves after the war began, with a large share of the assets held in Euroclear accounts in Belgium.

Key Takeaways

• The US reportedly urged European nations to partially unfreeze Russian assets to help restart Ukraine-Russia peace talks.
• European officials rejected the proposal, which included moving Russian assets into a new US-controlled financial structure.
• Frozen Russian reserves held largely through Belgium's Euroclear remain a central issue in the wider peace debate.