A bipartisan group of US senators is urging the Trump administration to push for the transfer of more than $300 billion in frozen Russian assets to Ukraine, rather than using only the interest from those funds to support Kyiv.
The US, under the Biden administration, had already passed the REPO Act as part of its 2024 aid package, which would allow the $7 billion controlled by the US to be given to Ukraine. Since then, both the Biden and Trump administrations have balked at implementing the act due to resistance posed mostly by European allies.
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In a letter sent Friday to Secretary of State Marco Rubio, senators questioned whether the administration was using all available financial tools to pressure Russia into ending the war. The letter, seen by Reuters, was signed by Republican Senators Todd Young and Lindsey Graham and Democratic Senators Richard Blumenthal and Tim Kaine.
“How does the administration view using all financial tools at its disposal to increase pressure on Russia to end the war?” the letter asked. “Specifically, does the administration believe that US- and EU-held assets should be used as leverage in negotiations with Russia to bring an end to the war? If so, how?”
The request marks a rare moment of senior Republicans publicly pressing the Trump administration to take a tougher stance against Moscow. Many pro-Ukraine Republicans in Congress have remained quiet since Trump shifted US policy closer to Russia following its 2022 full-scale invasion of Ukraine.
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The State Department did not immediately respond to Reuters’ request for comment.
The letter comes as White House and Kremlin officials held talks in Saudi Arabia on Monday aimed at securing a ceasefire agreement in the Black Sea before broader negotiations to end the war.
For years, members of Congress have advocated using seized Russian assets to help rebuild Ukraine, arguing it would reduce the need for US taxpayer dollars while also increasing pressure on Moscow to negotiate peace.
In their letter, the senators asked whether the administration plans to encourage allies, including the EU and the Group of Seven (G7), to use Russian sovereign assets as leverage. They also inquired about the possibility of allowing Ukraine to use these frozen funds to buy defense equipment.
After Russian leader Vladimir Putin launched the full-scale invasion in 2022, the United States and its allies blocked transactions with Russia’s central bank and finance ministry, freezing an estimated $300-$350 billion in sovereign Russian assets.
The majority of these funds are held in European securities depositories, with only about $7 billion in US financial institutions, according to sources.
In 2023, the G7 said Russia’s frozen assets would stay locked until Moscow compensates Ukraine for the destruction caused by the war. In October 2024, the G7 agreed to give Ukraine about $50 billion in loans, using money from Russian assets held abroad as security.
Some Western officials, particularly in Germany and the European Central Bank, are reluctant to confiscate the funds. They warn that doing so could create legal precedents and undermine trust in the euro.
Russia has repeatedly argued that freezing sovereign reserves violates free market principles and damages global financial stability. In response, Moscow has drafted legislation to seize assets from companies in “unfriendly” countries – those that imposed sanctions on Russia. However, this bill has yet to be passed in Russia’s parliament.
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