ENB Pub Note: Since we are in the mood to poke people who don’t do their research, this one popped up. This article first appeared in Andrew Korybko’s newsletter and has an interesting idea on how to unfreeze Russian Assets, and poke the EU. After what Zelensky has been doing to his people, and what the EU leaders have been doing to the US, I find it kind of funny. Throw on there the potential meeting in China with President Putin, President Xi, and President Trump to end the Ukraine war, and you have a recipe for some real humor.
Russia could legally transfer ownership of its frozen assets to the US, which would then be returned to Russia in exchange for US stakes in its energy industry that could also deter Ukrainian attacks against it, but Trump will first have to obtain what would then be the US’ frozen funds from Europe.
Polish Foreign Minister Radek Sikorski dramatically declared during the Warsaw Security Forum that Russia’s frozen assets in Europe would only be returned “over our dead bodies”. This coincided with a report by the Financial Times alleging that “US floats unfreezing some Russian assets to restart Ukraine peace talks”. Trump’s Special Envoys Steve Witkoff and Jared Kushner supposedly suggested the week prior “for them to be moved into a new special-purpose financial vehicle overseen by Washington.”
Despite the Europeans’ opposition, this could still be achieved with creative energy diplomacy. It was explained in April 2025 “How Gas Pipelines & Seized Russian Assets Could Give The US Lots Of Leverage Over The EU”. Russia could transfer legal ownership of its frozen assets in Europe to the US, whether in whole or in part, as payment for large-scale purchases of Boeing jets like was reportedly discussed back then and/or for the US to return the funds to Russia for stakes in its pipelines and/or energy companies.
All three quid pro quos are attractive to Trump 2.0, especially the last two, as the US moves forward with its long-negotiated resource-centric strategic partnership with Russia as proven by their diesel deal whose significance in this context was explained here. The latest news about the US seeking a stake in Nord Stream, which could later include stakes in Yamal and/or Brotherhood, coincides with a separate report about its plans for a grand energy deal as part of a compromise for ending the Ukrainian Conflict.
The gist is that Russian pipeline exports to Europe could resume for stimulating the bloc’s declining economy, which reduces its market’s ability to purchase US goods and services, so long as the US has stakes in these projects exerting enduring influence over post-war Russian-EU ties. These stakes could be achieved through the return of Russia’s frozen funds in Europe if Russia transfers legal ownership of them, whether in whole or in part, to the US for then returning them to Russia in exchange.
Likewise, Zelensky’s continued attacks against Russia’s energy infrastructure in defiance of Trump’s demands to stop could be deterred by US stakes in its major energy companies, or the US could then justify cutting off arms and intel to Ukraine for attacking what would then be the US’ literal investments. The conflict would likely end soon thereafter either way. In pursuit of this endgame, however, the US must have the political will to coerce the EU into releasing Russia’s hypothetically transferred funds.
For instance, the threat of imposing crippling tariffs and/or withdrawing a significant share of US forces from Europe would be enough to get the bloc to release what then legally be considered the US’ funds, after which they could finance large-scale Russian purchases from the US and/or US stakes in Russia’s energy industry. The EU is in bad economic shape, and its elites are pathologically afraid of Russia, so the combination of the aforesaid threats should suffice for getting the bloc to do Trump’s bidding.
The most extreme scenario of the US cutting Ukraine off completely if Zelensky defies Trump’s demands to stop attacking what would then be the US’ literal investments in Russia’s energy industry paired with crippling tariffs on the EU and the massive withdrawal of US forces from Europe is unsustainable. Ukraine would quickly collapse and the EU would then follow in its own way. All that Trump has to do is muster the political will to implement such threats and the Ukrainian Conflict will end soon thereafter.
