The U.S. is urging EU countries to seize Russian assets.

The total amount of assets of the Bank of Russia that were frozen in February 2022 as a direct response to the invasion is approximately $300 billion. However, a significant portion of these assets is located in EU countries rather than in the US, complicating Washington's position in negotiations regarding their potential confiscation.

According to a CNN report, the Biden administration is currently proposing to transfer these funds to a special escrow account. This would change their legal status—no longer frozen, they would become available to the US and its allies. However, as indicated in the report, the funds could be returned to Russia if a peace agreement is reached and the war in Ukraine comes to an end. Washington sees this measure as a way to exert pressure on Russia to force it into peace.

It has been reported that the Biden administration has found understanding with the foreign policy team of elected President Trump. However, EU countries, whose position on this matter is crucial, are still not ready to agree to the proposed plan, citing that confiscation of assets contradicts international law. Nonetheless, several EU representatives, including the head of the foreign affairs department, Kaja Kallas, generally support the idea.

The US, its partners in the "Group of Seven," and the EU are already using the revenues from the Russian assets placed in the West to support Ukraine. However, this does not involve the confiscation or use of the assets themselves, which remain frozen. Moscow has sharply criticized the use of these revenues, calling it "theft," and threatens retaliatory measures in the event of potential asset confiscation.