When President Putin ordered Russia’s full-scale invasion of Ukraine in February 2022, Kyiv’s western allies assembled unprecedented sanctions packages to target the Kremlin’s access to international funds. That included freezing an estimated $300bn of central bank assets, the majority of which are held in Europe. As domestic enthusiasm for Ukrainian aid has dimmed in some western nations, the question about how to use these frozen funds has risen rapidly up the international agenda.

On today’s episode, Katya is joined by Ben Chu, BBC Newsnight’s Economics Editor, and Tom Keatinge, from the Centre for Finance and Security at the RUSI think tank. They discuss whether new US legislation could pressure European leaders to make a decision on the fate of the frozen assets, and consider the risk of retaliation by Russia.

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The Global Story is part of the BBC News Podcasts family. The team that makes The Global Story also makes several other podcasts, such as Americast and Ukrainecast, which cover US news and the war in Ukraine. If you enjoy The Global Story, then we think that you will enjoy some of our other podcasts too. To find them, simply search on your favourite podcast app.

This episode was made by Laurie Kalus, Alix Pickles and Neal Razzell. The technical producers were Hannah Montgomery and Matt Hewitt. The assistant editor is Sergi Forcada Freixas and the senior news editor is Sam Bonham.