Ukrainian President Volodymyr Zelensky has revealed that he urged U.S. President-elect Donald Trump to transfer frozen Russian assets to Ukraine, positioning them as a critical security guarantee in potential peace negotiations with Moscow.
Approximately $300 billion in Russian central bank funds were frozen by Western nations following the escalation of hostilities between Russia and Ukraine in February 2022. A significant portion of these assets, more than two-thirds, is currently held within the European Union.
Zelensky's Proposal to Trump
In a three-hour interview with U.S. podcaster Lex Fridman on Sunday, Zelensky emphasized Ukraine’s desire for peace but underscored the necessity of enduring security guarantees. He suggested that such measures must extend beyond Trump's anticipated four-year term in office.
Zelensky disclosed that he discussed this proposition with Trump during a phone call in November, shortly after the U.S. election.
“Ukraine needs substantial resources for military support—whether domestically or via partnerships with Europe, India, Saudi Arabia, and the U.S.,” Zelensky explained. "I told Trump that one potential source is the $300 billion in frozen Russian assets. We can use this for our defense needs and invest in purchasing U.S. weapons, benefiting both our security and the American defense industry."
The Ukrainian leader argued that utilizing frozen Russian funds would not only support Ukraine's defense but also serve as a form of restitution, with Russia indirectly financing the costs of the war it initiated.
Similar Allegations in Slovakia
Zelensky's advocacy for the reallocation of Russian assets follows recent accusations by Slovak Prime Minister Robert Fico. Fico alleged that Zelensky attempted to persuade Slovakia to support Ukraine's NATO membership bid by offering €500 million from frozen Russian assets.
The alleged proposal, which Fico deemed “absurd,” was purportedly aimed at mitigating Slovakia’s reliance on Russian energy after Ukraine opted not to renew a gas transit agreement with Moscow. Fico reportedly rejected the offer outright.
Strategic Implications
Zelensky’s call for the reallocation of frozen Russian funds highlights the financial and military challenges faced by Ukraine as it navigates prolonged conflict with Russia. The proposal also signals Kyiv’s intent to leverage international alliances and resources in securing long-term stability.
With President-elect Trump set to assume office, the allocation of these frozen assets could become a focal point in U.S.-Ukraine relations, particularly as discussions of peace and security guarantees gain traction on the global stage.
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