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The Financial Times reported that U.S. negotiators proposed unfreezing some Russian assets held in Europe and placing them under a Washington-controlled structure as part of peace discussions. European officials rejected the proposal, saying they opposed transferring control or returning any funds to Moscow. The reported plan’s scope and status remain unclear.
The United States proposed that European countries unfreeze some Russian assets and place them in a structure under Washington’s control, the Financial Times reported on October 15, citing four people familiar with the discussions. European officials at the talks rejected the proposal, opposing both a transfer of control and the return of any portion of the funds to Moscow.
U.S. negotiators Steve Witkoff and Jared Kushner presented the proposal during talks in Miami on October 9, the Financial Times sources told the newspaper. Participants included representatives of Ukraine, France, Germany, the United Kingdom, the European Union and NATO. The fate of frozen Russian assets was discussed as part of a broader potential peace agreement, and the U.S. reportedly offered several possible approaches to unfreezing funds.
The Financial Times said European officials who attended the meeting opposed handing control of the assets to any party and ruled out returning part of them to Russia. The report also said the proposal caused concern among European governments and Kyiv, which questioned Washington’s intentions and its approach to pressuring Moscow. Those descriptions and details are attributed to the newspaper’s sources; the source material does not include a public U.S. statement confirming the proposal.
The report does not specify how much money the U.S. proposal would cover, how the proposed structure would operate, or what conditions would govern access to the funds. It also does not establish that the proposal was adopted or that European governments changed their existing policies. The reported discussions took place amid diplomatic efforts to explore a partial ceasefire and a wider settlement of the war.
Control of Frozen Funds at Stake
The proposal matters because it concerns both the disposition of Russian state assets and the leverage those funds may provide in negotiations over the war. A transfer to a Washington-controlled structure could change who makes decisions about the money, even if the funds were not returned directly to Russia. European officials’ reported rejection indicates a divide over who should control the assets and how they might be used in any agreement.
The frozen funds are also connected to financial support for Ukraine. According to the source material, income generated by assets held at Euroclear helps finance a loan of up to €50 billion for Ukraine. Any change in the treatment of the underlying assets could therefore have consequences for the arrangements supporting that loan, though the report does not say the U.S. proposal would alter those arrangements or stop payments.
The disagreement could complicate efforts to coordinate a peace package among Washington, Kyiv and European capitals. It remains unclear whether the proposal was an opening position, one option among several, or a plan Washington intends to pursue despite European opposition.
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How the Asset Freeze Works
Western countries froze Russian Central Bank assets after Russia launched its full-scale invasion of Ukraine in 2022. The total is reported at about €260 billion, with roughly €193 billion held by the Belgian depositary Euroclear. These figures describe frozen assets, not a sum that has been transferred to Ukraine.
In December 2025, the European Union used a special procedure to approve an indefinite freeze. Under the decision described in the source material, the freeze is to remain in force until Russia ends the war and compensates Ukraine for damage. Separately, income generated by the frozen funds is being used to support a loan of up to €50 billion for Ukraine.
The Financial Times’ report places the U.S. proposal within discussions about a wider peace arrangement. The New York Times has separately reported that Washington offered Russia three economic incentives to encourage acceptance of a partial ceasefire, including unfreezing billions of dollars in Russian assets held in the West. That account described the funds as an advance incentive for a partial truce, rather than a reward for a truce taking effect. The reports do not establish that the two proposals are identical.
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Scope and Status Remain Unclear
The Financial Times account is based on four sources familiar with the discussions; the source material provides no official public confirmation from the U.S. government, European governments or Ukraine. It is not clear how much of the €260 billion in frozen assets might have been covered, which assets would qualify, or what authority the proposed Washington-controlled structure would have.
It is also unclear whether the plan was a formal U.S. proposal, one option raised during negotiations, or a concept that has since been withdrawn. The report says European officials rejected it, but does not identify a formal decision by the EU as a whole. No agreement to unfreeze or transfer assets is reported, and the terms of any broader peace arrangement remain unsettled.
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Further Talks Will Test the Proposal
The next developments to watch are whether Washington publicly clarifies its proposal and whether European governments address the issue in subsequent negotiations. Any agreement involving the assets would need to resolve who controls the funds, what conditions apply to their release, and how a change would affect existing European decisions and Ukraine’s financing arrangements.
The source material does not give a timetable for further talks or identify a scheduled decision. For now, the reported outcome is a proposal opposed by European officials, not an agreed change to the freeze. Future statements from the parties or reporting on later meetings may clarify whether the issue remains part of peace negotiations.
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Key Questions
What did the United States reportedly propose?
The Financial Times reported that U.S. negotiators proposed unfreezing some Russian assets held in Europe and placing them under a structure controlled by Washington. The amount and operating terms were not reported.
Who rejected the proposal?
European officials who attended the October 9 Miami talks reportedly opposed the plan, saying they did not want control of the assets transferred and ruled out returning any portion to Moscow. The report does not describe a formal EU-wide vote on the proposal.
How much Russian money is frozen in Western countries?
The source material puts Russian Central Bank assets frozen in Western countries at about €260 billion, including roughly €193 billion held at Euroclear in Belgium. The U.S. proposal’s potential share of those assets was not specified.
Are the assets being released or transferred now?
No release or transfer is reported. The account describes a proposal raised during negotiations and rejected by European officials; its current status and any next steps are unclear.
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