Trump Envoys Propose Unfreezing Russian Assets Under U.S. Oversight to Restart Ukraine Talks; Europe Rejects Plan

The Trump administration has floated a proposal to unfreeze portions of Russia's sovereign assets—primarily held in Europe—and transfer them to a special-purpose financial vehicle controlled by Washington, according to multiple reports citing the Financial Times. The idea, presented by envoys Steve Witkoff and Jared Kushner at a Miami meeting on October 9-10 with officials from Ukraine, France, Germany, the UK, EU, and NATO, aims to build momentum for a comprehensive peace settlement. Four sources familiar with the discussions told FT that several mechanisms were suggested, including moving assets into a U.S.-overseen entity, as part of broader economic incentives for Moscow. European delegates firmly rejected the plan, insisting the assets—roughly €260 billion frozen since 2022, with over €210 billion in the EU, mostly at Euroclear—must remain under European control. German Chancellor Friedrich Merz stated they 'should remain frozen in Europe. This is our business.' Related reporting from the New York Times indicates earlier proposals included asset releases alongside Lukoil stake sales and Belarus potash sanctions relief as incentives for a partial ceasefire. The moves align with recent U.S.-Russia diesel export discussions and intelligence-sharing adjustments with Ukraine, signaling a pragmatic shift in sanctions policy. While the core FT reporting is corroborated across outlets, speculative links in some coverage to Iran-Russia coordination on oil prices and elections lack direct sourcing here.