Washington is leading the charge to confiscate some $300 billion in Russian assets frozen in G7 countries, but some allies in Europe are worried about the legal precedent it would set and how Moscow might retaliate.
Kyiv is facing a funding shortfall as partisan fighting over federal spending in the US leaves money for Ukraine in limbo, while the European Union is struggling to circumvent a Hungarian veto on sending more aid. US Secretary of State Antony Blinken said Washington had dispatched its last aid package under current funding to Ukraine on Wednesday.
The impasse on both sides of the Atlantic has made the notion of using Russian money to fund Ukraine’s fight look tempting, but it is not without risk. There is no clear legal mechanism for taking the assets, and on a larger scale, such a move could spook countries like China, Saudi Arabia and Brazil about the safety of storing their securities in US and European clearing houses. That’s not to mention the pressure Russia might try to impose in retaliation — although recent Russian threats toward Finland, South Korea and Japan have led to nothing.
The US is suggesting the G7 form working groups to address the legal challenges, and the best way to funnel the money to Kyiv. If fully seizing the assets proves too tough to swallow, alternatives like funneling interest earned on the frozen funds to Kyiv could still squeak through. Washington hopes to roll out a plan by the second anniversary of Russia’s invasion on February 24.
The European Union just pulled off something that, a year ago, seemed politically impossible: it froze $247 billion in Russian central bank assets indefinitely, stripping the Kremlin of one of its most reliable pressure points.
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Of all the threats to the world, what are the top 10 most urgent global risks for 2026? On Monday, January 5, at 12 pm ET, join us for a livestream discussion with Ian Bremmer and global experts to discuss the Top Risks of 2025 report from Eurasia Group. This report will mark twenty years of Ian Bremmer’s annual forecast of the political risks that are most likely to play out over the year. Event link: gzeromedia.com/toprisks
In this episode of Tools and Weapons, Microsoft Vice Chair and President Brad Smith sits down with Ed Policy, President and CEO of the Green Bay Packers, to discuss how purpose-driven leadership and innovation are shaping the future of one of the world’s most iconic sports franchises. Ed shares how technology and community-focused initiatives, from Titletown Tech to health and safety innovations on the field, are transforming not just the game of football, but the economy and culture of Green Bay itself. He explains how combining strategic vision with investment in local startups is keeping talent in the Midwest and creating opportunities that extend far beyond Lambeau Field.
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