This week, the world watched in anticipation for Russia’s Victory Day parade after President Volodymyr Zelensky commented that he could not guarantee the safety of those attending. Meanwhile, the European Union moves one step forward to banning Russian gas from the European continent. It is also revealed this week that U.S. Secretary of Defense Pete Hegseth has fallen out of step with the White House.
"(Russian) President (Vladimir) Putin... doesn't want to have a ceasefire agreement with Ukraine, but rather wants to meet on Thursday, in Turkey, to negotiate a possible end to the bloodbath. Ukraine should agree to this, immediately," U.S. President Donald Trump said.
U.S. Secretary of State Marco Rubio will travel to to Antalya, Turkey, for a NATO foreign ministers’ meeting from May 14–16, where he is expected to address the war in Ukraine and push for stronger Allied defense commitments.
The Kremlin said the leaders held a detailed discussion about the Russian initiative and Erdogan expressed full support, reiterating Turkey’s readiness to provide a venue and assist in organizing the negotiations.
Erdogan told Macron that international cooperation is critical for initiating peace negotiations and the "sensitive implementation" of Ukraine’s recovery and reconstruction processes, the Turkish Presidency reported.
The assault began around 2 a.m. on May 11, with Russian forces deploying 108 Shahed-type attack drones and decoy UAVs from multiple directions, Ukraine’s Air Force said.
"Think of the hundreds of thousands of lives that will be saved as this never ending 'bloodbath' hopefully comes to an end... I will continue to work with both sides to make sure that it happens."
U.S. State Department Spokesperson Tammy Bruce called for "concrete proposals from both sides" in order for Washington to "move forward" in peace negotiations.
US President Joe Biden during a news conference on Dec. 12, 2023. (Yuri Gripas/Abaca/Bloomberg via Getty Images)
U.S. President Joe Biden's administration backs legislation that would allow the confiscation of some frozen Russian funds and funneling them to Ukraine, Bloomberg reported on Jan. 10, citing three documents it had obtained.
Western countries have immobilized around $300 billion of the Russian central bank's assets since the start of the full-scale invasion. Washington, Brussels, and Kyiv have long discussed legal ways of channeling these funds to aid Ukraine's reconstruction efforts.
Despite appeals by U.S. lawmakers, the White House had been hesitant on outright seizure of the assets, as such a step carries a number of legal and economic pitfalls.
It appears that the Biden administration began warming to the idea recently. A November memo from the National Security Council to the U.S. Senate welcomed "in principle" a bill that would allow the confiscation of funds, Bloomberg reported.
"The bill would provide the authority needed for the executive branch to seize Russian sovereign assets for the benefit of Ukraine," the document reportedly said.
Congressional officials cited by Bloomberg noted that the measure could be included in the proposed $61-billion supplemental package for Ukraine, though both chambers of Congress would have to back its inclusion.
Senate Republicans have so far blocked the overall $111-billion funding requests, including money for Ukraine, chiefly due to other domestic concerns. A hardline faction of House Republicans opposes the aid in principle, however.
Using Russia's own funds instead of U.S. money could alleviate Republican worries about financial burdens, and House Speaker Mike Johnson, a member of the Republican Party, voiced interest in the plan.
The White House also reportedly seeks to align its position with the Group of Seven (G7) allies, namely in the EU, where around two-thirds of Russian frozen assets are held. In comparison, only around $5 billion are held in U.S. institutions.
The European bloc has been wary of confiscating Russian sovereign funds, instead discussing ways of providing Ukraine with a windfall tax on profits generated by the frozen assets.
In October, Belgiumannounced it would create a $1.8 billion fund for Ukraine, financed by the tax revenue from interest on frozen Russian assets.
The World Bank assessed early in 2023 that the total cost of Ukraine's reconstruction would amount to $411 billion. Ukrainian Foreign Minister Dmytro Kuleba commented earlier this week that the full amount of Russian assets could cover over 80% of recovery costs.
Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press. He was also volunteering as an editor and translator at the Czech-language version of Ukraïner. Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.
Andrew Kosenko
