Wally Adeyemo and David Shimer
As Russia continues its war against Ukraine and the Trump administration reduces U.S. aid to Kyiv, European countries have stepped up their support of the Ukrainian people. But more can be done. At this critical moment, the European Union should seize the immobilized Russian sovereign assets that sit in Europe and use those resources to provide Ukraine with a sustainable source of assistance.
In February 2022, just days after Russia launched its full-scale invasion of Ukraine, the United States worked with the G-7 to freeze approximately $300 billion in Russian assets, the vast majority of which were held in Europe. Before the decision was made, some European countries raised economic and legal concerns, but they ultimately agreed. Over the course of the Biden administration—which both of us were a part of—the United States encouraged Europe to go one step further and seize Russia’s funds so that they could be put to use, as opposed to sitting frozen in accounts. But European leaders were unwilling to take this additional action: concerns similar to the ones raised several years earlier persisted.
Today, Europe should reconsider. The need to seize Russia’s sovereign assets is more urgent now than at any time since the war began. U.S. military aid deliveries to Ukraine from U.S. stockpiles, authorized during the Biden administration, will run out in the coming weeks, and the Trump administration has not announced renewed assistance for Kyiv. Russian President Vladimir Putin has rejected calls for a 30-day cease-fire and has stalled peace talks by making maximalist demands, presumably betting that Ukraine’s position will deteriorate as U.S. aid winds down and as China, Iran, and North Korea maintain their support for Russia.
Over the past three years, European countries have provided extraordinary support to Ukraine—more than the Kremlin ever expected. They have, for example, sent military and financial aid, implemented an unprecedented price cap on Russian oil, and enacted 17 sanctions packages against the Russian economy. But Europe will need to do even more to fill the void left by the United States. Europe cannot afford to see Russia triumph over Ukraine.
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