The United States has expressed full support for the European Union's proposal to use frozen Russian assets to aid Ukraine and bring an end to the war with Russia, a U.S. source familiar with the matter told Reuters on Friday.
As the West intensifies its efforts to pressure Moscow, the European Commission has put forward a plan allowing EU governments to use up to 185 billion euros ($217 billion) – the majority of the 210 billion euros worth of Russian sovereign assets currently frozen in Europe – without formally confiscating them.
Washington "absolutely supports" the EU and its current steps to utilise these assets as a tool, the source said, speaking anonymously to discuss a sensitive issue.
Following Russia's invasion of Ukraine in 2022, the United States and its allies imposed bans on transactions with Russia's central bank and finance ministry, freezing approximately $300 billion of Russian sovereign assets.
However, the European proposal is facing delays due to concerns raised by Belgium, where the majority of the frozen assets are held.
On Friday, Germany suggested that recent drone sightings over airports and military bases in Belgium could be a warning from Moscow not to touch the frozen assets. Moscow has denied any involvement in the incidents and has threatened a "painful response" if its assets are seized.
In a renewed effort to end Russia's war, U.S. President Donald Trump imposed sanctions on Rosneft and Lukoil, Russia's two largest oil companies, last month. This adds to the extensive economic sanctions already in place, aimed at pressuring Moscow and its business partners.
The move underscores Washington's resolve to tighten the financial squeeze on Russia, with the goal of pushing the Kremlin toward a peace agreement in the ongoing conflict in Ukraine.
The U.S. is closely monitoring the consequences of the Rosneft and Lukoil sanctions and "there are more actions we could take to escalate pressure," the source added.
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