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United States President Donald Trump's proposed peace plan for Ukraine reportedly includes restoring Russian energy flows to Europe, major U.S. investment in Russian strategic sectors, and tapping frozen Russian sovereign assets, according to a Wall Street Journal report published Wednesday.
The plan, outlined in appendices attached to recent peace proposals shared with European partners, would allow U.S. financial firms and companies to access up to $200 billion in frozen Russian assets.
Those funds would be used for projects in Ukraine, including the development of a major data center powered by the Zaporizhzhia nuclear power plant, currently controlled by Russian forces, the report said.
In addition, the proposals suggest U.S. investment in Russian rare-earth mineral extraction and Arctic oil drilling, alongside a restoration of Russian energy exports to Western Europe and other global markets.
The report stated that one unnamed European official likened the proposed U.S.-Russia energy arrangement to a modern economic version of the 1945 Yalta Conference, where the World War II victors—the Soviet Union, the United States and the United Kingdom—divided Europe into spheres of influence.
Meanwhile, the leaders of the E3 group, France, Germany, and the United Kingdom, held a joint phone call on Wednesday with President Trump, as “intensive work” continues on the American-led peace plan to end the Russia–Ukraine war.
The UK government confirmed the call in a statement, saying Prime Minister Keir Starmer spoke with French President Emmanuel Macron, German Chancellor Friedrich Merz, and Trump about “the latest on the ongoing U.S.-led peace talks.”
“Intensive work on the peace plan is continuing and will continue in the coming days. They agreed that this was a critical moment—for Ukraine, its people, and for shared security across the Euro-Atlantic region,” the statement said.
Speaking later to reporters at the White House, Trump confirmed the call took place.
“We spoke to Germany and the U.K., all outstanding leaders, very good friends of mine, and we discussed Ukraine in pretty strong words,” Trump said during a roundtable. “We’re waiting to hear answers before we progress.”
He added that a meeting involving both U.S. and Ukrainian representatives would be held in Europe over the weekend. “We’ll decide depending on what they come back with. We don’t want to be wasting time,” he said.
Ukrainian President Volodymyr Zelenskyy said Wednesday that Kyiv is finalizing a 20-point proposal aimed at defining parameters for ending the war. He said the document would be submitted to the United States soon.
Kyiv, Washington, and several European capitals have been holding parallel consultations on a reduced 20-point U.S.-backed framework. Earlier drafts, originally containing 28 points, were revised and stripped of what Ukrainian officials described as “non-Ukrainian provisions.”
Russia invaded Ukraine in February 2022 after eight years of low-intensity conflict between Russian-backed separatists and Ukrainian forces in the Donbas region, which includes Donetsk and Luhansk.
While Western powers have maintained military and financial support for Kyiv, the latest U.S. proposal suggests a broader geopolitical shift, one that some officials have criticized as overly accommodating to Moscow.
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