European leaders privately insisted they alone should control decisions over immobilized Russian assets during a recent call with President Volodymyr Zelensky, according to a transcript obtained by the Kyiv Independent, even as the US reportedly lobbied European countries to block plans to lend the cash to Ukraine.
In the call, German Chancellor Friedrich Merz, French President Emmanuel Macron and European Commission President Ursula von der Leyen repeatedly stressed that Europe is moving forward with a so–called reparations loan and is solely responsible for decisions regarding the assets.
The transcript was shared with the Kyiv Independent by a senior diplomatic source.
The EU formally presented the reparations loan on Dec. 3, which could lend up to 210 billion euros ($245 billion) of frozen Russian assets to Ukraine to keep the country’s finances afloat, as Kyiv hurtles towards an existential cash crunch in mid–2026.
But the announcement comes as Bloomberg reported on Dec. 5, citing European diplomatic sources, that US officials had tried to convince European countries to block the plan, and that the assets are needed to secure a peace deal between Russia and Ukraine.
A 28–point peace plan emerged on Nov. 18, which included the frozen assets and suggested that part of them should be funneled into a US-Russia investment vehicle.
According to the transcript, Merz told President Zelensky to make clear that “the immobilised assets (are) entirely for us to decide on.”
Macron also said that “anything on frozen assets should be at our hands,” while von der Leyen told Zelensky that it was “very important” that he tell the US that Europe is “moving forward on the assets.”
According to the transcript, President Zelensky said that he had “insisted about the EU role (…) on assets” during ongoing US–Russia brokered peace negotiations.
Finland’s President Alexander Stubb also said that Jared Kushner, US President Trump’s son–in–law who is participating in peace negotiations, raised the assets in the context of reconstruction.
Roughly $300 billion in Russian central bank reserves were frozen in 2022, about two-thirds of which is held in Belgium.
Iryna Mudra, deputy head of President Zelensky’s office, told the Kyiv Independent on Dec. 4 that the reparations loan is the quickest path to ensuring a just and lasting peace in Ukraine, since it would make clear to Russia that Kyiv has the resources to withstand its war of attrition.
The plan is staunchly opposed by Belgian Prime Minister Bart de Wever, who cites legal and financial risks. His arguments are contested by lawyers and financial scholars.
European leaders, including Merz, are meeting with de Wever today in an attempt to get the Belgian leader on board.
Ongoing peace negotiations between the US, Ukraine and Russia have largely sidelined Europe. Following the release of the 28–point peace plan, European leaders raced to help craft a counter 19–point plan in Geneva on Nov. 23.
A recent Wall Street Journal article suggests that the US efforts to secure peace in Ukraine are excluding usual American diplomatic channels, but rather being conducted between individuals with extensive discussion on potential bilateral business deals.
According to the transcript, von der Leyen said that she had informed US Treasury Secretary Scott Bessent of the plan last weekend to inform the US of Europe’s reparations loan.
Von der Leyen said that the reparations loan would be open to other countries that also hold frozen Russian central bank reserves, including Canada and Japan.
The Times reported on Dec. 5 that UK ministers were preparing to send 8 billion pounds ($10.6 billion) of frozen Russian assets to Ukraine, but did not explicitly state whether those referred to central bank reserves or the frozen assets of private individuals.
‘The key to ending the war is in Brussels’ — Ukrainians react to Belgium’s Russian asset loan opposition
