Donald Trump’s White House is now giving a green light to the European Union’s plan to make use of nearly $217 billion in frozen Russian assets to support Ukraine and increase pressure on Russia, according to Reuters on Friday.
This money has been stuck in Europe since Moscow’s 2022 invasion of Ukraine, and has also since then been lined up as a blunt financial weapon, but not technically being seized.
The European Commission’s plan is to let EU states use up to 185 billion euros, without stepping into full confiscation mode. That’s most of the 210 billion euros held across Europe.
The U.S. source, who asked not to be named, said plainly, “Washington absolutely supports the EU and the steps they’re taking right now to be in a position to make use of those assets as a tool.”
That support comes even as legal and political risks keep slowing the EU’s next steps. The assets are mostly parked in Belgium, and Belgian officials have been holding up the proposal.
Germany links Belgian drone sightings to Moscow threat
On the same day that Trump announced his support for the EU’s plans, Germany pointed a sharp finger at Russia over a string of drone sightings that were reportedly spotted over airports and military sites in Belgium, could be a warning shot from the Kremlin.
The message? Don’t mess with those frozen assets. Moscow, of course, denied it had anything to do with the drones but still promised a “painful response” if the assets are touched.
Since Putin sent troops into Ukraine, the West has locked down roughly $300 billion in sovereign Russian wealth, mostly held by central banks and state institutions.
The latest EU proposal would be one of the biggest moves yet to actually use that frozen pile. But this is no smash-and-grab. The funds would be tapped carefully, avoiding full seizure that could trigger lawsuits or retaliation.
Just last month, Cryptopolitan reported that the Trump administration slapped penalties on Rosneft and Lukoil, the two largest oil giants in Russia.
That added to a huge pile of sanctions already aimed at choking Moscow’s economy. The White House is still watching to see how this plays out. But the U.S. official added, “There are more things we could do to try to up the pressure.”
Trump hints at Hungary energy sanctions relief during Orban visit
Meanwhile, as Trump met with Hungarian Prime Minister Viktor Orban at the White House on Friday, the two leaders talked energy, trade, and, of course, the Russia–Ukraine war.
During that meeting, Orban asked for a pass on U.S. sanctions for buying Russian oil and gas. Trump’s answer? He’s open to it. “We’re looking at it, because it’s very difficult for him to get the oil and gas from other areas. They don’t have the advantage of having a sea,” Trump told reporters.
This was Orban’s first White House visit since Trump returned to office. He’s under pressure back home, and across Europe, for his cozy relationship with Putin.
But Trump didn’t hold back on backing him, blasting Europe’s “hypocrisy” for still buying Russian energy while talking tough. He even gave Orban another endorsement for his re-election, saying the Hungarian leader had done a “fantastic job”.
Orban, never one to hide his feelings, took shots at Joe Biden, praised Trump, and called this a new “golden era” in US–Hungary ties. “During the Democrat administration, everything was ruined,” he said. “After your leaving president, everything was basically broke, ruined, canceled.”
He also hinted that Hungary may boost its purchases of U.S. liquefied natural gas and nuclear fuel, which could help sweeten any exemption deal on Russia-related sanctions. Orban already visited Mar-a-Lago twice last year, showing just how tight he’s become with Trump’s circle.
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