Official announcements by the Biden administration or credible news outlets

Biden Administration Urges EU to Transfer $300 Billion in Frozen Russian Assets to Escrow Account, Trump Team Supports Strategy

Jan 14, 2025, 10:55 AM

The Biden administration is reportedly urging European Union countries to transfer approximately $300 billion in frozen Russian assets to a new escrow account. This account would only be accessible following a peace agreement with Russia. Trump's team has expressed support for this strategy, viewing the frozen assets as leverage against the Kremlin. The proposal has been characterized by EU officials, including Kallas, as a crucial initial step towards utilizing these assets in the context of a potential peace deal involving Ukraine.