Trump proposes unfreezing Russian assets under US control

The Trump administration has proposed that European countries unfreeze a portion of Russian sovereign assets and transfer them to a US-controlled structure to restart peace negotiations with Russia, according to the Financial Times. The proposal was presented by US negotiators Steve Witkoff and Jared Kushner during an October 10 meeting in Miami with officials from Ukraine, France, Germany, the UK, the EU, and NATO. European delegates categorically rejected the plan, stating they oppose relinquishing control over the assets or returning any portion to Moscow. Western allies froze approximately 260 billion euros of Russian Central Bank assets in 2022, mostly held in the EU's Euroclear depository. EU leaders pledged in late 2025 to use these funds for Ukraine's reconstruction, while the US has also proposed economic incentives to Russia, including partial asset unfreezing and sanctions relief.