Bloomberg’s sources say Washington warned that the assets could be crucial in securing a future settlement between Kyiv and Moscow and should not be repurposed in a way that might extend the conflict.
This week, the EU unveiled a plan to leverage frozen Russian funds to back a €90 billion loan for Ukraine’s economic and military needs over the next two years.
The bloc currently holds around €210 billion in Russian central bank assets, European Pravda reports, citing findings from Bloomberg.
The debate comes at a sensitive moment. Kyiv risks running short of financing early next year, while US pressure continues to grow on Ukraine to consider what could become an asymmetrical peace deal with Russia.
Washington has also weighed using frozen Russian assets as part of its own framework for eventual negotiations, suggesting the funds could help bankroll US-led post-war reconstruction.
Frozen assets remain one of the main obstacles in the revised 28-point American plan, alongside questions over the future status of occupied Ukrainian territories and the provision of credible security guarantees for Kyiv.
EU leaders insist the issue lies squarely within Europe’s remit, as most of the frozen Russian reserves are held inside the bloc.
On 3 December, European Commission President Ursula von der Leyen outlined two financing options for Ukraine for 2026–27, one of which would rely on a “reparations loan” backed by Russian assets.
Even before that proposal was tabled, Belgium - which holds the largest share of the frozen reserves and fears serious legal exposure - had already signalled it could not support such a move.
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Source: Bloomberg/X/@EuropeanPravda