In an unprecedented approach to ending Europe's deadliest conflict, the Trump administration is pursuing a peace plan for Ukraine that prioritizes business partnerships over traditional diplomacy, according to sources familiar with the negotiations. The controversial strategy has alarmed European allies while opening pathways for American companies to access Russia's $2 trillion economy.
The Miami Meetings: Businessmen as Peacemakers
Last month, three powerful businessmen gathered at billionaire developer Steve Witkoff's Miami Beach waterfront estate to draft what could become the framework for ending Russia's war in Ukraine. The meeting included Kirill Dmitriev, head of Russia's sovereign wealth fund and Vladimir Putin's handpicked negotiator, and Jared Kushner, the president's son-in-law, who arrived from his nearby "Billionaire Bunker" residence.
The discussions went far beyond ceasefire terms, focusing instead on bringing Russia's economy "in from the cold" with American businesses positioned to beat European competitors to lucrative opportunities. Dmitriev presented ambitious proposals including using frozen Russian central bank assets—approximately $300 billion held in Europe—for US-Russian investment projects and American-led reconstruction of Ukraine.
The plan envisioned joint exploitation of Arctic mineral wealth, rare-earth mining partnerships, and even a collaborative US-Russia space mission to Mars with Elon Musk's SpaceX. For the Kremlin, this represented the culmination of a strategy developed before Trump's inauguration to convince the administration to view Russia as a land of opportunity rather than a military threat.
European Backlash and Diplomatic Concerns
When a 28-point version of the plan leaked earlier this month, it triggered immediate protests from European and Ukrainian leaders. They complained the document largely reflected Russian talking points and ignored nearly all of Kyiv's red lines. The assurance from administration officials that the plan wasn't final did little to calm concerns that Russia—after violently redrawing European borders—was being rewarded with commercial opportunities.
Polish Prime Minister Donald Tusk offered a blunt assessment: "We know this is not about peace. It's about business."
For many in the Trump White House, however, this blending of business and geopolitics represents a feature rather than a flaw. Key advisers see an opportunity for American investors to secure lucrative deals in postwar Russia while becoming commercial guarantors of peace.
Russia has made clear it prefers US businesses over European rivals, with one source noting that European leaders have "talked a lot of trash" about peace efforts. The approach reflects Trump's "Art of the Deal" philosophy—settling conflicts while generating substantial economic benefits for America.
Positioning for Postwar Profits
As Witkoff and Dmitriev negotiated, American and Russian business leaders were quietly positioning their companies to profit from any peace agreement. In secret talks in Doha, Exxon Mobil Senior Vice President Neil Chapman met with Rosneft boss Igor Sechin to discuss Exxon's potential return to the massive Sakhalin gas project, abandoned after Russia's 2022 invasion of Ukraine.
Other developments include:
- Gentry Beach, a college friend of Donald Trump Jr., negotiating to acquire 9.9% of an Arctic LNG project with Novatek if sanctions are lifted
- Stephen P. Lynch paying $600,000 to a lobbyist close to Trump Jr. to seek Treasury Department approval for purchasing the Nord Stream 2 pipeline
- Elliott Investment Management exploring acquisition of stakes in Russian natural gas pipelines to Europe
- Kremlin-linked billionaires from Putin's St. Petersburg circle offering US counterparts gas concessions and rare-earth mining opportunities
Some of Putin's most trusted associates—including sanctioned billionaires Gennady Timchenko, Yuri Kovalchuk, and the Rotenberg brothers—have sent representatives to quietly meet American companies about potential deals.
The Diplomatic Dance Continues
Witkoff, who has visited Russia six times this year and maintains regular contact with Dmitriev, insists he isn't playing favorites. "Ukrainians have fought heroically for their independence," he told The Wall Street Journal, while advocating for soldiers to transition to operating American-built AI data centers with Silicon Valley-scale salaries.
The White House maintains that the administration has gathered input from both Ukrainians and Russians. "The Trump administration has gathered input from both the Ukrainians and Russians to formulate a peace deal that can stop the killing and bring this war to a close," said White House spokesperson Anna Kelly.
However, the unconventional approach has created tensions within the US government. Career officials at the Treasury Department have sometimes learned details of Witkoff's meetings with Moscow from British counterparts, while the CIA wasn't fully briefed on a proposed major prisoner exchange discussed between Witkoff and Dmitriev.
As Western leaders digest the business-focused peace plan, the fundamental question remains whether Putin is genuinely interested in ending the war or simply using economic incentives to pacify the US while prolonging a conflict he believes he can eventually win. The answer may determine whether this unprecedented approach brings peace to Ukraine or simply reshapes the economic map of Europe to Russia's advantage.
