Amanze Chinonye
A confidential U.S. plan to use approximately $200 billion in frozen Russian sovereign assets to finance reconstruction projects in Ukraine has set off a high-stakes transatlantic debate over legal, economic, and strategic control of postwar Europe, Prime Business Africa reports.
According to reporting by The Wall Street Journal and verified by Reuters, the Trump administration’s proposal envisions Wall Street and other U.S. financial firms tapping frozen Russian funds to manage and invest in reconstruction efforts across Ukraine. Notably, one proposed project would construct a large data center powered by the Zaporizhzhia nuclear power plant currently under Russian military control.
The plan also includes controversial provisions for U.S. investment directly in Russian strategic sectors, including Arctic oil drilling, rare-earth mineral extraction, and the restoration of Russian energy flows to Europe. American companies would be positioned to claim up to 50% of the profits from Ukrainian reconstruction projects.
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A European official who reviewed the confidential documents likened the plan to the 1945 Yalta Conference, in which global powers redrew the map of postwar Europe without the participation of all stakeholders. “It is like Yalta,” the official said, underscoring the geopolitical gravity of the proposal.
President Volodymyr Zelenskyy of Ukraine held meetings on December 10 with U.S. Treasury Secretary Scott Bessent, former presidential adviser Jared Kushner, and BlackRock CEO Larry Fink to discuss reconstruction frameworks and financing mechanisms, highlighting the central role U.S. institutions could play in Ukraine’s postwar recovery.
European Union deliberations over the same frozen Russian assets are ongoing. The EU is exploring ways to mobilize approximately €210 billion ($244 billion) held primarily at Euroclear in Belgium to support Ukraine’s reconstruction. EU officials, including European Central Bank President Christine Lagarde, have emphasized that their proposals are designed to comply with international law, avoiding direct confiscation of Russian funds while still enabling support for Ukraine.
Belgium has emerged as a key focal point. Prime Minister Bart De Wever has warned that using the frozen assets without European consensus could expose Belgium to legal claims from Russia, potentially endangering the country’s financial stability. “The approach proposed by some in Europe is fundamentally wrong,” De Wever said, emphasizing the risk of litigation that could have far-reaching consequences.
Russia, meanwhile, has publicly expressed interest in foreign investment but has remained silent on the specific U.S. proposal. Historically, Moscow has condemned any moves to repurpose or seize its frozen sovereign assets and has threatened legal retaliation.
The coming weeks are critical. The EU is expected to vote on its plan for using frozen Russian assets on December 18, while U.S. discussions with Ukrainian officials continue to advance. Analysts describe the standoff as more than a funding mechanism for reconstruction; it represents a struggle over who controls Europe’s economic and energy future.
“The math is brutal,” said Asian analyst Shanaka Anselm:
“Europe froze the money.
America wants to spend it.
Russia wants it back.
Ukraine needs it to survive.
Four parties. One pot. Zero trust.”
Observers note that the Trump administration’s approach, if implemented, would represent the largest sovereign wealth transfer negotiation in modern history. While Ukraine’s reconstruction remains the stated objective, the underlying battle over ownership and control of these assets will shape European energy, security, and geopolitical order for decades to come.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
