The Wall Street Journal reported the information.In recent weeks, American officials have distributed a series of single-page appendices to European counterparts outlining an ambitious vision that would allow U.S. financial firms to invest frozen Russian assets in Ukrainian infrastructure projects, including a massive data center powered by the Russian-occupied Zaporizhzhia nuclear plant. A separate appendix details plans for American companies to invest in Russian strategic sectors ranging from rare-earth mining to Arctic oil drilling, and to help restore Russian energy exports to Europe.The proposals have generated incredulity among some European officials. One compared the plans to President Trump's idea for a luxury resort development in Gaza, while another likened the energy arrangements to the 1945 Yalta Conference where Allied powers carved up postwar Europe. "It's like Yalta," the official said.European nations, which have worked to eliminate their dependence on Russian energy since Moscow's 2022 invasion, strongly oppose resuming purchases from what they consider their primary security threat. Instead, they want to use the same frozen funds to provide loans enabling Ukraine to purchase weapons and maintain government operations as its treasury depletes.A White House official said Trump and his team were working to strike a deal to end the war, which the president says has gone on too long. In a call Wednesday, Trump discussed the peace process with French President Emmanuel Macron, German Chancellor Friedrich Merz and British Prime Minister Keir Starmer.The disagreement represents more than a dispute over borders—it has become a battle over business interests that pits the United States against its traditional European partners. American officials argue that their approach would generate significantly more resources for Ukraine by leveraging Wall Street expertise to grow the frozen assets from $200 billion to potentially $800 billion. "Our sensibility is that we really understand financial growth," one official involved in the talks said.European officials counter that the American strategy would provide Russia the economic breathing room needed to strengthen its military capabilities. A recent Western intelligence assessment reviewed by The Wall Street Journal concluded that Russia has been in technical recession for six months, with its war economy presenting systemic risks to the banking sector.German Chancellor Merz said on Monday at a meeting at 10 Downing Street with Zelenskyy and the leaders of France and the U.K. that he was "skeptical about the U.S. proposals." Last week, European legislators finalized an agreement to eliminate all Russian pipeline gas within two years.The U.S. negotiating team, led by Russia envoy Steve Witkoff and presidential son-in-law Jared Kushner, has been consulting top Wall Street executives on reviving Ukraine's economy. Their vision includes offering Ukrainian veterans Silicon Valley-level compensation to operate sophisticated data centers built by American firms. On Wednesday, Ukrainian President Volodymyr Zelenskyy said he had held productive conversations with the investment firm BlackRock's chief executive, Larry Fink.The approach marks a dramatic reversal of decades of American policy. Previous administrations from Ronald Reagan through Trump's first term pressed European allies to reduce their dependence on Russian commodities. Now, Trump's second-term strategy embraces economic interdependence as a path to peace, though administration officials don't expect Russia to democratize.Trump told reporters Wednesday he was debating attending a meeting in Europe this weekend. "I think we had some disputes about people, and we're going to see how it turns out," he said. "We don't want to be wasting time."European leaders held a call with Witkoff today and will meet in Paris over the weekend before reconvening in Berlin on Monday. Witkoff and Kushner will participate via video link. The two Americans spent hours with Russian leader Vladimir Putin last week, arguing that Russia would need to demonstrate willingness to end the war diplomatically before benefiting from sanctions relief and investment opportunities.