Full Breakdown
German Chancellor Rejects U.S. Plan to Transfer Frozen Russian Assets
By Drooid · · How we work
Core Event: Merz says frozen Russian assets must stay in Europe
German Chancellor Friedrich Merz told reporters in Brussels on October 15, 2026 that the billions of euros in Russian sovereign assets immobilised after Moscow’s invasion of Ukraine should remain under European control. His comments came after reports that the United States, via special envoy Steve Witkoff and former President Donald Trump’s son-in-law Jared Kushner, had floated a proposal to move part of the holdings to a U.S.–supervised vehicle intended to revive peace talks.
Background & Context: Asset freeze after the 2022 invasion
Following the February 2022 invasion of Ukraine, European Union member states immobilised roughly €210 billion of Russian central-bank assets. About €185 billion of that sum is held in the Brussels-based central securities depository Euroclear. Some EU governments have argued the funds should eventually be disbursed to support Ukraine, while others view the assets as leverage in diplomatic negotiations.
Official Statements & Responses
The United States’ proposal, as reported, sought to transfer a portion of the assets to a new financial structure overseen by Washington, aiming to create conditions for renewed dialogue with Russia. Kremlin spokesman Dmitry Peskov responded that Russia had no information on the plan and could not assess the reliability of the reports.
Data & Statistics
- €210 billion – total value of Russian sovereign assets frozen by EU countries.
- €185 billion – amount held in Euroclear, the primary securities depository in Brussels.
Verbatim Quotes
- “Those are assets that are frozen in Europe and they should remain frozen in Europe. This is our business and we are deciding over it,” — German Chancellor Friedrich Merz — Friedrich Merz, German Chancellor.