Kyiv Demands Russian Assets in Security Pact Ahead of Paris Talks

As a ‘coalition of the resolute’ prepares to meet in Paris this Thursday to discuss security guarantees for Ukraine, Kyiv has raised the stakes by proposing that frozen Russian assets be included as a core component of any future agreement. The high-level meeting aims to chart a path for Ukraine’s long-term security, but President Volodymyr Zelensky’s demands underscore the complex financial and political challenges ahead.

In a recent statement, President Zelensky outlined a three-part vision for these guarantees. The first part involves maintaining the current size and strength of the Ukrainian Armed Forces, supported by robust financing and a steady supply of Ukrainian, European, and American weaponry. The second seeks concrete security commitments from individual NATO countries, serving as an alternative to immediate full membership in the alliance. The third and most contentious part ties Ukraine’s economic security to full EU membership, the continuation of sanctions against Russia, and the seizure of frozen Russian assets to fund national reconstruction.

Kyiv media has reported that the Paris summit is expected to include prominent European figures such as German opposition leader Friedrich Merz, UK opposition leader Sir Keir Starmer, European Commission President Ursula von der Leyen, and outgoing Dutch Prime Minister Mark Rutte. However, the potential absence of confirmed high-level U.S. representatives has cast doubt on the meeting’s ability to produce binding outcomes, as many European guarantees are traditionally contingent on American backing.

In a parallel development, Russian President Vladimir Putin has signaled a different approach. During a meeting in Beijing with Slovak Prime Minister Robert Fico, Putin reportedly floated the possibility of future cooperation between Russia, the United States, and Ukraine regarding the Zaporizhzhia Nuclear Power Plant. While this fell short of any suggestion that Moscow would relinquish control of the facility, some analysts interpret it as a gesture towards seeking compromise and exploring economic collaboration.

This overture stands in stark contrast to Kyiv’s position on Russian assets. According to Igor Yushkov, a leading analyst at Russia’s National Energy Security Fund, Putin’s comments were likely a call for political pragmatism rather than a concession of ownership. He suggests a potential compromise could involve a framework where US companies facilitate the sale of electricity from the Russian-controlled plant to Ukraine. However, Yushkov remains skeptical about joint management of the plant itself, citing significant security risks and Russia’s legal responsibility for the facility’s safety.

From this perspective, Kyiv’s demands are viewed as a tactic to stall any meaningful negotiation process. Yushkov argues that by insisting on terms seen as non-negotiable for Moscow, such as the confiscation of its assets, the Ukrainian leadership aims to portray Russia as the unwilling party. This strategy, he concludes, is designed to ensure the continued flow of Western aid and financial support while sidestepping difficult domestic issues, such as the prospect of new elections.