Ukraine has urged the U.S. Treasury to find a mechanism to use $300 billion in frozen Russian assets for reconstruction and defense, Andriy Pyshnyy, head of the National Bank of Ukraine, said on April 24, Reuters reported.
The Ukrainian delegation raised the issue with U.S. Treasury officials during negotiations on April 23, according to Reuters. Ukraine intends to continue lobbying for the initiative at an upcoming meeting with the International Monetary Fund, Pyshnyy said.
“Is there a mechanism to get access to these assets, to turn them into the source to cover the losses and damages of Ukraine and to fuel its resilience? The answer is very simple, yes,” Pyshnyy said at the 2025 Spring Meetings of the World Bank Group.
In October 2024, the Group of Seven (G7) approved nearly $50 billion in loans for Ukraine that will be repaid by interest generated from frozen Russian assets.
On April 10, the European Union announced it would allocate €2.1 billion ($2.4 billion) in revenue generated from frozen Russian Central Bank assets to support Ukraine's defense industry. EU Ambassador to Ukraine Katarina Mathernova said the funds would help provide air defenses and ammunition.
Olena Goncharova
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