President Volodymyr Zelensky on Friday rejected reports that Russia wants to use frozen US assets for its own reconstruction, calling the idea “nonsense” and reiterating that all frozen Russian funds should be used to rebuild Ukraine.
Speaking to Kyiv Post journalists via a messaging app on Jan. 23, Zelensky was asked to comment on reports that Russian President Vladimir Putin had expressed readiness to use about $5 billion in frozen US assets for reconstruction projects, including in Russia’s Kursk region.
“We will certainly fight for the use of all frozen Russian assets – and that is absolutely fair,” Zelensky said.
“Russia is the aggressor. This is recognized by the entire world. They started this war, and therefore it is Ukraine that must recover from the consequences of Russian aggression.”
Zelensky said Kyiv has repeatedly raised the issue with US officials, including the specific $5 billion in frozen Russian assets located in America, insisting they should be directed toward rebuilding Ukraine rather than Russia.
“We have told the Americans many times that we expect these funds to be used for the reconstruction of Ukraine, because Ukraine is the country that suffered,” he said.
The total value of immobilized Russian sovereign assets worldwide stands at about €290 billion ($339 billion), most of which is held in a small number of EU and G7 jurisdictions, according to Ukraine’s central bank.
The president said Moscow’s position appears illogical, noting that the assets were frozen precisely because of Russia’s invasion.
“It looks strange: Russia is the aggressor, and it is asking to use frozen money – frozen because of its aggression – to rebuild its own territory,” Zelensky said.
“They started what they call a ‘special military operation,’ though it is a war. They started all of this. Frankly, it looks like nonsense,” he added.
Upon receiving an invitation to join a US-led “Peace Council” overseeing Gaza’s reconstruction, Putin raised the possibility of using frozen Moscow funds to pay the $1 billion membership fee.
“I think we could send $1 billion from Russian assets frozen under the previous US administration to the Peace Council,” Putin said.
“By the way, the remaining funds from our assets frozen in the United States could be used to restore the territory affected by the hostilities after the conclusion of a peace treaty between Russia and Ukraine,” he added.
According to Putin, the proposal is being discussed with representatives of the Trump administration.