The Trump administration reportedly pitched a plan to move some frozen Russian government assets into a US-overseen arrangement, hoping it would help restart negotiations to end the war in Ukraine. European delegates heard it out and then said no.

Washington's Proposal

On Wednesday, according to the Financial Times, the US proposed that European countries unfreeze some Russian sovereign assets that were immobilized after Moscow's invasion of Ukraine and transfer them into a vehicle overseen by Washington.

The idea came up during meetings in Miami last week involving US peace negotiators and officials from Ukraine, France, Germany, the UK, the European Union and NATO, according to four people briefed on the discussions cited by the FT.

US special envoy Steve Witkoff and President Donald Trump's son-in-law Jared Kushner reportedly presented the plan, which could involve moving some frozen assets into a new financial vehicle overseen by Washington.

A US official said the use of frozen Russian assets had been discussed as part of a comprehensive peace agreement, adding that the mechanisms for releasing the funds and determining their use remained under consideration.

Western allies froze approximately €260 billion in Russian state assets in 2022 following President Vladimir Putin's full-scale invasion of Ukraine, with most of the funds held in the EU.

Europe Says No

European delegates rejected the proposal, expressing opposition to surrendering control over the assets or returning any funds to Moscow.

"They were told that this was just simply not going to happen," one person briefed on the discussions told the FT.

Kremlin spokesperson Dmitry Peskov said Moscow would "make every possible effort to achieve the return of stolen assets," including through legal proceedings.

Where the Peace Push Stands

On Monday, Trump insisted that Russia and Ukraine had agreed to an energy ceasefire, despite Ukrainian President Volodymyr Zelenskyy reporting Russian strikes on at least six Ukrainian energy facilities and 33 people wounded.

Trump also called for Ukraine to elect a new president, arguing that Zelenskyy had failed to reach a peace deal, while criticizing Ukrainian attacks on Russian oil refineries.

Last month, Witkoff said Washington had made "substantive progress" toward reviving peace negotiations after meetings with Russian President Vladimir Putin and Zelenskyy.

He added that both sides had agreed to a three-day "no-shoot policy" to facilitate discussions and advance plans for another round of trilateral talks.