The report cited officials as saying that talks between US and European finance ministers, central bankers, diplomats and lawyers have intensified on this issue in recent weeks.
Topics discussed by the parties have included possible limitations on how Russian funds might be spent, such as whether they can only be used to fund Ukraine's economy or if they can also be used to fund Ukraine's military.
The United States wants Britain, France, Germany, Italy, Canada and Japan to develop a strategy to seize these funds by February 24, the report added.
US funding for Ukraine is set to run out by December 30 after Congress failed to authorize new funds before going into recess until January. US senators and the White House are currently negotiating President Joe Biden's $106 billion supplemental request for more than $60 billion for Ukraine, as well as funds for Israel and other initiatives. Republicans want any supplemental legislation to include stronger border security measures.