The White House has not yet officially approved the work on the creation of this fund.

The newspaper, citing sources, indicates that Besant is to present a plan for establishing such a fund to his European colleagues before Ukrainian President Volodymyr Zelensky's meeting with Trump scheduled for Friday in Washington.

The Telegraph reports that the plan would impose a 500% tariff on China if it does not stop importing Russian oil. The proceeds from these taxes would then be directed to a so-called Ukrainian Victory Fund to purchase weapons for Ukraine.

Trump has repeatedly stressed that the United States is seeking a quick end to the war in Ukraine and that the United States will not directly fund Ukraine. Recently, the US administration's rhetoric regarding the war in Ukraine has changed, with Trump accusing Russia of not wanting peace.