French Hill, chair of the U.S. House Financial Services Committee, published an opinion piece arguing that Europe’s continued purchases of Russian oil and gas are blunting sanctions and helping finance Russia’s war, and calling for tougher measures to cut Russian export revenues and use frozen Russian sovereign assets to support Ukraine. The piece cites the European Union as Russia’s fourth-largest energy customer with around EUR 1.5 billion in monthly purchases, alongside China and India at EUR 5 billion each per month and Turkey at over EUR 2 billion, and estimates Russia is earning about EUR 600 million a day from energy exports. It points to President Trump’s 22 October sanctions on Rosneft and Lukoil and highlights a House Financial Services Committee vote in July (53 to 1) to advance the PEACE Act, which would cut off foreign financial institutions from access to the U.S. dollar if they deal with blacklisted Russian banks or energy companies, including Gazprom, and would transfer billions in frozen Russian sovereign assets to Ukraine. Hill argues that Ukraine’s funding needs and debt burden make asset transfers preferable to additional lending, referencing an International Monetary Fund estimate of a USD 65 billion financing gap through 2027, nearly exhausted EUR 45 billion in G7 loans, and around USD 300 billion in frozen Russian assets largely held in Europe. Hill calls on the G7 and EU to move beyond measures he characterises as ineffective, including the oil price cap and successive EU sanctions packages, and urges European governments to follow the U.S. approach by agreeing to confiscate Russian sovereign assets rather than structuring new loans backed by those assets.
U.S. Financial Services Committee 2025-10-23
U.S. House Financial Services Committee chair urges Europe to tighten sanctions on Russian energy trade and confiscate frozen sovereign assets for Ukraine
French Hill, chair of the U.S. House Financial Services Committee, argues Europe's purchases of Russian oil and gas undermine sanctions and finance Russia's war, calling for tougher measures to cut Russian export revenues. He advocates using frozen Russian sovereign assets to support Ukraine, citing the PEACE Act's proposal to cut off foreign financial institutions from the U.S. dollar if they deal with blacklisted Russian entities. Hill urges the G7 and EU to confiscate Russian assets rather than structuring new loans, highlighting Ukraine's significant funding needs and debt burden.