Ukrainian President Vladimir Zelensky has called on Western allies to deliver the $300 billion in Russian sovereign assets currently immobilized in Western financial institutions to Kyiv, highlighting Ukraine’s escalating need for self-directed funding as the ongoing conflict strains its finances. This demand, brought to the forefront at a recent European Political Community summit in Budapest on Nov 7, reflects Zelensky’s strategic shift towards seeking long-term financial self-sufficiency as Western countries debate the future of their military and economic support. The assets, primarily held in European clearinghouses, are becoming a focal point in the broader geopolitical struggle, as Ukraine’s leadership anticipates potential changes in US policy following the election of Donald Trump, who has previously signaled a more cautious approach to continued aid for Ukraine.

Since the outbreak of the conflict with Russia in February 2022, the US and its allies have provided Ukraine with over $218 billion in aid. This substantial assistance has underpinned Ukraine’s defense efforts, but Zelensky’s recent comments reveal a growing urgency for Kyiv to assume more control over the distribution and use of funds, particularly with speculation mounting that a new Trump administration might pull back on support. While much of the aid from the US and EU initially came as direct financial grants, recent assistance has increasingly taken the form of loans. In October, G7 nations finalized a $50 billion loan for Ukraine, backed by interest accrued on frozen Russian assets. Despite this financial support, questions about sustainability loom large for Ukraine’s government, given the ongoing nature of the conflict and the high costs involved.

The stakes surrounding Ukraine’s need for this frozen funding also extend to practicalities on the ground. Zelensky has argued that direct access to the $300 billion in frozen Russian funds would allow Ukraine........

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