US President Donald Trump is preparing the creation of a special “Victory Fund“ for Ukraine, which will be financed through new tariffs on Chinese imports, The Telegraph reported. The plan was presented to European allies by Finance Minister Scott Besant ahead of Ukrainian President Volodymyr Zelensky's visit to Washington, BTA reports.
According to the strategy, imports from China will be subject to a 500% tariff, and the funds collected will be directed to arming the Ukrainian army. Washington expects support from the European Union.
“President Trump has instructed us to notify allies that we will support such an initiative - call it ‘Ukrainian Victory Fund” tariff’ or ‘Russian oil tariff’. But our partners must be ready to follow us“, Bessent said in Washington.
The move marks a sharp change in the position of Trump, who until recently doubted Kiev's ability to win the war. The new measure is intended to increase economic pressure on Vladimir Putin, whose military machine relies on Chinese support.
Diplomatic sources in the US capital confirm that the idea of sanctioning China for its purchases of Russian oil has caused disagreements in Europe. Although NATO identifies Beijing as a “decisive factor“ in the continuation of the war, some allies – including Britain – refuse to declare it an adversary.
Ukrainian Defense Minister Denys Shmygal told allies that Kiev would need $120 billion to finance its defense in 2026. Half of the amount is expected to be provided by countries supporting Ukraine. The meetings in Brussels and at NATO headquarters are focused on financing the Ukrainian resistance and the potential supply of Tomahawk missiles.
The issue of long-range missiles is expected to be a leading topic in the upcoming meeting between Trump and Zelensky. When asked whether he would provide the Tomahawks, the US president commented:
“They want to go on the offensive. I will make a decision on the matter soon.“
According to military sources, if the plan is approved, European governments will cover the cost of the supplies through the NATO PURL scheme.
Without naming a specific weapon, White House adviser Pete Hegseth said that the US is ready to provide the “firepower“ needed of Ukraine to achieve “peace through strength“.
“History teaches us that peace is achieved when you are strong. And President Trump believes exactly that“, stressed Hegseth.
He later added that if the war does not end soon, Washington and its allies will take steps to impose a high price on Russia for its continued aggression.
Trump also reported that Indian Prime Minister Narendra Modi had assured him of India's intention to end purchases of Russian fossil fuels, a key source of revenue for Moscow.
In parallel, Britain imposed new sanctions on “Lukoil“, “Rosneft“ and 51 Russian tankers, part of the so-called “shadow fleet“. The aim is to limit oil revenues that support the Russian military industry.
“Rosneft“ produces about 40% of Russia's oil, while “Lukoil“ is the second-largest producer and the company with the largest international presence among the Russian energy giants.