A bipartisan group of four US senators introduced a resolution calling for the confiscation of frozen Russian assets worldwide and their transfer to Ukraine in monthly installments of at least $10 billion, according to an announcement on Senator John Kennedy’s website.
– targeting civilians and ambulances with drones
– violence against civilians and prisoners of war
– extrajudicial killings
– kidnapping of Ukrainian children for re-education and militarization.
“Hit Putin’s wallet,” no taxpayer cost
The resolution, sponsored by Republican senators John Kennedy and Lindsey Graham along with Democratic senators Richard Blumenthal and Sheldon Whitehouse, targets approximately $300 billion in Russian assets frozen internationally since the start of the full-scale invasion.
According to the senators, the proposal aims to increase the financial costs of continued military operations for Moscow without requiring American taxpayer funds.
“President Putin will keep committing crimes against humanity until fighting his war in Ukraine becomes more costly than stopping,” Kennedy stated.
Graham expressed support for the initiative, stating that “the best way to get Putin to the peace table is to hit his wallet, upping the cost of the war to him and his cronies.”
Blumenthal described the proposal as critically important, noting that hundreds of billions of dollars in frozen Russian accounts could be used by Ukraine for drones, missile defenses, long-range artillery, and other arms necessary for defense. He characterized the message as sending a signal to Putin about standing with Ukraine and seeking “peace through strength.”
The resolution also calls on the President, Secretary of State, and Secretary of Defense to prioritize foreign military sales to countries that participate in asset confiscation while deprioritizing sales to non-participating nations.
EU holds most Russian frozen assets
However, the resolution carries no binding legal force and represents a statement of congressional opinion rather than enforceable policy.
The proposal faces practical obstacles, as the majority of frozen Russian assets are held within the European Union, particularly in Belgium.
European countries have rejected outright confiscation and are instead developing a legal mechanism to provide Ukraine with €140 billion in interest-free financial assistance backed by the frozen assets.
Putin’s counter-decree targets American assets
In 2024, Russian President Vladimir Putin signed a counter-decree permitting the confiscation of both state and private American assets in response to US legislation authorizing the seizure of Russian holdings.
Ukraine gets €4 billion from EU funded by Russian assets
On 1 October, Ukraine received €4 billion from the European Union through the G7’s Extraordinary Revenue Acceleration (ERA) mechanism, which is secured by proceeds from immobilized Russian Central Bank assets held in the EU.
This payment brings Ukraine’s total drawdown from the EU under ERA to €14 billion out of a planned €18.1 billion, with the remaining funds expected by the end of 2025.