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Over the past weeks, the administration of US President Donald Trump has shared a series of one-page documents with European counterparts, outlining Washington’s vision for rebuilding Ukraine and reintegrating Russia into the global economy, according to the Wall Street Journal.
These proposals have triggered sharp disputes at negotiation tables between the US and its traditional European allies, with potential implications for the continent’s economic landscape.
The US plan, presented as annexes to ongoing, non-public peace proposals, details how American financial companies and corporations could use approximately $200 billion in frozen Russian assets for projects in Ukraine. Among them is a massive new data center that would operate using electricity from the Zaporizhzhia nuclear power plant, currently under Russian occupation.
Another annex outlines the US concept for reintegrating Russia into the global economy, with American companies investing in strategic sectors such as rare earth mining and Arctic oil drilling, and helping to restore Russian energy supplies to Western Europe and other markets.
Some European officials who have seen the documents expressed skepticism, comparing parts of the proposals to Trump’s earlier idea of turning Gaza into the “Riviera of the Middle East.” Others likened the US energy plans with Russia to an economic version of the 1945 Yalta Conference, where postwar Europe was effectively divided. “It’s like Yalta,” one official commented.
A White House official said Trump and his team are working on a deal to end the war, which, in the president’s view, has dragged on too long. On December 10, Trump discussed the peace process with French President Emmanuel Macron, German Chancellor Friedrich Merz, and UK Prime Minister Keir Starmer. He also mentioned the possibility of attending a weekend meeting in Europe.
Europe, determined to reduce dependence on Russian gas since the 2022 invasion of Ukraine, is wary of restoring energy imports from a country it sees as a major security threat. European officials prefer using the frozen Russian funds held in European institutions to provide loans to cash-strapped Ukraine.
The dispute at the negotiation table increasingly centers not only on territorial issues but also on business, pitting not just Russia against Ukraine, but the US against its European allies. Media reports indicate that American companies with close ties to the Trump administration could benefit from the US peace plan.
Germany has emphasized that European sanctions prohibit any work or financial operations related to repairing or reactivating the Nord Stream pipelines damaged in 2022. European officials fear the US approach could give Russia breathing space to strengthen its economy and military. A recent assessment by Western intelligence indicates that Russia has technically been in recession for six months, and managing its war economy presents systemic risks to its banking sector.
If the US vision prevails, it could override Europe’s own plans to support Ukraine and maintain Russia’s economic isolation. European officials worry that while Europe would quickly deplete the frozen funds, the US could mobilize Wall Street leaders and private-sector billionaires to increase the investable amount, potentially expanding the fund to $800 billion.
“We really understand financial growth,” one official commented.
On December 10, Ukrainian President Volodymyr Zelensky said he held productive talks with BlackRock CEO Larry Fink. The US negotiating team considers shared economic activity and energy interdependence the cornerstone of its “business for peace” philosophy. For example, Ukrainian data centers would receive electricity from the Zaporizhzhia nuclear plant, currently occupied by Russia.
German Chancellor Friedrich Merz told Zelensky and other European leaders in London on December 8 that he remains skeptical of US proposals.
Last week, the European Parliament and EU governments reached an agreement to phase out Russian gas pipeline deliveries over two years, effectively shutting down or damaging a vast Soviet-era network.
The transatlantic discussion overturns nearly half a century of US-Europe policy toward Moscow. Previous US presidents, from Ronald Reagan to Trump’s first term, pressured European allies to reduce reliance on Russian gas. Europe, in turn, pursued a “Change Through Trade” approach, believing economic ties with Moscow would restrain Russia and promote democracy. Trump’s second-term approach is similar, though the administration does not expect Russia to democratize.
Recent diplomatic visits and summits indicate the debate is approaching a heated climax. Trump’s special envoy Steve Witkoff and his son-in-law Jared Kushner are consulting Wall Street executives on revitalizing Ukraine’s economy. Their plans, presented to Ukrainian officials, propose that veterans lay down arms to earn salaries comparable to Silicon Valley, managing some of the world’s most advanced data centers built by American companies. Ukraine’s National Security and Defense Council Secretary Rustem Umerov is a regular guest at Witkoff’s Miami estate.
European leaders held a December 10 call with Witkoff and will meet in Paris over the weekend and again in Berlin on December 15, with Kushner participating via video link. Last week, the US delegation reportedly held talks with Russian dictator Vladimir Putin, insisting that Russia demonstrate readiness to end the war diplomatically before benefiting from sanctions relief and investment under a peace agreement.
