The White House wants to return the frozen assets to Russia after the signing of the agreement. EU in difficulty to finance Ukraine
Over the summer, Trump administration officials made it clear to EU sanctions envoy David O'Sullivan that the United States wants to return frozen assets to Russia after a peace plan is signed. Despite this fact, the president of the European Commission, Ursula von der Leyen, continued to pursue plans to use the assets to finance Ukraine, Politico reports.
Vladimir Putin and Donald Trump/PHOTO: EPA/EFE
The publication indicates that European officials were outraged when they saw in Trump's 28-point plan the idea of investing $100 billion in Russian assets locked in the US “Ukraine recovery and investment efforts” and directing the rest to a separate US-Russian fund. Europe perceived this as America's intention to take part of the money and share the rest with Russia.
Belgium is said to share the US view that asset confiscation would be an obstacle to peace. As journalists note, Belgian Prime Minister Bart De Wever may have influential allies in his refusal to accept a “loan for repairs” to Ukraine – the Donald Trump administration.
European Central Bank refuses to back €140 billion payment to Ukraine secured by Russian assets
The European Central Bank has refused to provide guarantees for the payment of a “loan for repairs” to Ukraine in the amount of 140 billion euros, which was to be secured by frozen Russian assets, the Financial Times writes, citing sources.
The publication, citing several officials, writes that the ECB has concluded that the European Commission's proposal violates its mandate. This decision exacerbates the difficulties faced by Brussels in obtaining a loan based on the frozen assets of the Russian central bank in Euroclear.
The “remedial loan” proposed by the European Commission for Ukraine, from frozen Russian assets, should become one of the main pillars for meeting Ukraine's financial needs in 2026-2027. At the same time, Belgium, in whose bank the funds are deposited, refuses to support this scheme and demands greater guarantees from the EU in order not to remain the only defendant in a lawsuit filed by Russia.
At the same time, the EU believes that Belgium appears to have ulterior motives in withholding Russian money through tax revenues, as the country has never implemented a special tool for transparent accounting of these funds.
Putin's inner circle allegedly held secret talks with US businessmen over mining and energy deals
Russian oligarchs close to President Vladimir Putin have reportedly participated in informal talks with US business representatives regarding possible projects in the mining and energy sectors. The information, reported by the Wall Street Journal and confirmed by European intelligence officials, suggests the meetings were part of informal diplomatic efforts to outline terms for ending the war in Ukraine.
Among the names mentioned are Ghenadi Timchenko, Yuri Kovalciuk and the brothers Arkadi and Boris Rotenberg – all sanctioned figures and considered close to Putin since his youth. According to the cited source, they would have sent emissaries to discreet meetings with American companies.
The discussions would have concerned the exploitation of rare metals, gas extraction projects and even the possibility of relaunching the Nord Stream pipeline.
Access to new assets in the scenario of a cessation of conflict
WSJ sources say oligarchs have proposed concessions in the Sea of Okhotsk and four other regions for gas extraction projects. Rare metals mining opportunities were also presented near the nickel deposits in the Norilsk area, as well as in six undeveloped perimeters in Siberia.
The only project directly nominated is Arctic LNG-2, operated by Novatek, a company associated with Timcenko. The publication notes that Gentry Beach – close to the Trump family – would have considered buying a stake in the project.
An earlier Radio Liberty investigation showed that Russia's only significant producer of rare metals, the Solikamsk magnesium plant, had come under the control of the Russian nuclear corporation Rosatom. Mihail Kovalciuk, brother of Yuri Kovalciuk, is a member of Rosatom's scientific board, while Arkadi Rotenberg's company previously built sections of the Nord Stream pipelines.
For the other projects cited by the WSJ — including gas fields in the Sea of Okhotsk and several rare metal deposits — independent reporters identified no direct links to Timcenko, Rotenberg or Kovalciuk.
US companies involved in informal contacts
According to the WSJ, several American corporations and investors were included in these discussions:
-Exxon and billionaire Todd Boehly are said to have considered the acquisition of some Lukoil assets
-Stephen Lynch, a donor to the Trump campaign, would have requested authorization to bid on the Nord Stream 2 project
-The Elliott Management fund would have valued a stake in the TurkStream pipeline
-The director of Roscosmos, Dmitri Bakanov, would have visited NASA, Boeing and SpaceX
– ExxonMobil executives allegedly had unofficial talks with the head of Rosneft, Igor Secin, regarding a possible return to the Sakhalin-1 project – an option later publicly excluded by the company's director
This type of unofficial contacts seems to align with the approach of the Trump administration, which would have explored ideas of an economic nature to facilitate an eventual resolution of the conflict.
Kirill Dmitriev, Putin's financial envoy, would have promoted a plan that would allow American companies access to about 300 billion dollars of Russian assets frozen in the West, in exchange for participation in the reconstruction of Ukraine.
European diplomats have warned that such a scheme could undermine EU initiatives for a “loan-for-reparations” mechanism aimed at funneling frozen Russian assets to Ukraine without other states gaining direct control or profit.
