Trump’s peace plan:
The US wants to make money from Vladimir Putin’s “war chest”. It makes Europe see red.
Table of Contents
Recently, there have been intense negotiations in the EU. The question is whether one can seize Vladimir Putin’s “war coffers” – Russia’s foreign reserves – and use them to support Ukraine.
The “war treasury” was frozen as part of the first sanctions packages against Russia in 2022, but the deposits themselves have not been touched so far.
Internally within the Union, pressure has grown strongly to use the money for the good of Ukraine. In the EU, there is a proposal on the table – referred to as a “reparation loan” – which will give Ukraine access to 140 billion euros of the Russian state funds.
– A shopping list from Russia
Wants 50 percent of profits
But when the US presented its 28-point peace plan this week – a plan that has been roundly rejected by both Ukraine and Europe – it contained one point that caused European diplomats to boil over.
In the proposal there is a point that states that 100 billion dollars of Russia’s frozen funds are to be invested in the USA’s reconstruction and investment initiative for Ukraine.
PEACE PLAN: Political editor at Dagbladet, Lars Helle, reacts to the latest news about the peace plan Donald Trump and Russian President Vladimir Putin have come up with.
The US will receive 50 percent of the profits from this business, according to the plan.
In addition, Europe will contribute 100 billion dollars.
The remaining frozen Russian funds are to be invested in a separate American-Russian investment fund for joint projects. The aim here is for this to create incentives against future conflict.
– Will be catastrophic
– Must see a psychiatrist
This point in the peace plan makes European diplomats see red. A former French official tells Politico that the idea, which comes from Donald Trump’s special envoy, Steve Witkoff, “is obviously scandalous.”
The European officials in the article are not named, and speak anonymously because it concerns sensitive topics.
– The Europeans are struggling to find a profitable solution to use the Russian assets to the benefit of Ukraine, and Trump wants to make money from them. This proposal is likely to be rejected by everyone, says the official.
Several EU officials contacted by Politico snort at the idea, one resorting to profanity to express their frustration, while one is attacking Trump’s Ukraine representative head-on.
– Witkoff must see a psychiatrist.
Fearing a break with the US
– Trump only understands dollars
The point about economic gain for the Americans is “the essence of Trump’s foreign policy”, according to Hilmar Mjelde, professor of political science at the University of Western Norway.
– He does not understand geopolitics or a concept such as collective defence. He only understands dollars and cents, says Mjelde to Børsen.
– Why does Trump come up with a proposal that he must have known would provoke Europe?
– He only sees that as a plus. He couldn’t care less what the Europeans think. He sees the Europeans as weak and therefore he does not respect us.
The government accelerates support for Ukraine
Fear in Belgium
In the EU, the challenge with the Russian funds has so far been that Belgium in particular resists. Large parts of the Russian funds are placed in Belgian Euroclear, and they are afraid of the consequences of taking the Russian money.
– Any initiative to confiscate the money from Brussels will inevitably lead to a painful response, Maria Zakharova, spokeswoman for the Russian Foreign Ministry, has said.
Now many EU diplomats fear that the US proposal could simply destroy the chances of the proposal for a repair loan being adopted by the 27 EU countries. The hope in the EU has been that an agreement can be finalized at a summit in December.
Ukraine is in desperate need of the money, and simply risks running out at the start of next year.
On Friday, Ukrainian President Volodymyr Zelenskyi also rejected the peace plan, which, among other things, states that Ukraine must cede around 20 percent of its land area to Russia.
– Right now, the pressure on Ukraine is one of the most difficult. Ukraine may now face a very difficult choice between losing its dignity or losing a key partner, Zelenskyy said, clearly referring to a potential break in cooperation with the United States.
Threatening a ceasefire
– Trump has failed
Trump has been very concerned about the war in Ukraine, and has a desire to end it. But so far the attempts have gotten nowhere, and according to Mjelde, Trump does not know how to resolve the war.
– He has failed from the start and is looking for a way out of the negotiations. He wants a reason to blame Ukraine, so he doesn’t lose face himself, says Mjelde, who thinks Trump “doesn’t care what happens to Ukraine”.
– He realizes that he is not getting anywhere and just wants to finish the whole thing, so he can move on and focus on other things together with Putin.
