Washington’s latest postwar business ideas for Moscow, which the FT laid out in a story dated October 27, 2026, are not new. The FT reported that they build on proposals Steve Witkoff and Jared Kushner discussed with Kremlin envoy Kirill Dmitriev late last year, the talks that produced the 28-point peace plan and its economic clauses for Russia.
Where it stands: The 28-point draft was revised in Geneva in November 2025 into what the US and Ukraine called an “updated and refined” framework. As of October 28, the current text of that framework had not been published, and a US official told the FT that “nothing is finalised.”
When the draft’s origins surfaced last year, Reuters reported that “Witkoff, Kushner, Dmitriev and the Ukrainian embassy in Washington also did not respond to requests for comment.” Asked about the new FT report, Kremlin spokesperson Dmitry Peskov gave no response, and Dmitriev’s spokesperson declined to comment. The White House defended the original plan at the time; spokeswoman Karoline Leavitt said it sought “the best win-win scenario, where both parties gain more than they must give.”
What was the 28-point peace plan?
It was a US-drafted framework for ending the war that surfaced in November 2025. Reuters traced it to talks in Miami late in October that year, where Witkoff and Kushner sat down with Dmitriev, head of Russia’s main sovereign wealth fund.
“The meeting resulted in a 28-point plan for ending the war, two people familiar with the situation said,” according to that Reuters account, which added that the plan, published by Axios, “came as a surprise to U.S. officials in various corners of the administration.” Reuters reported the full draft text. It mixed security terms, territorial terms and a set of economic provisions aimed at both countries.
The draft also carried territorial terms. Point 21 said “Crimea, Luhansk and Donetsk to be recognized De-Facto as Russian, including by the United States.” The economic clauses are the ones the FT now links to this autumn’s talks.
What did the plan offer Russia on sanctions and business?
A path back into the world economy, in three parts. Point 13 was headed “Russia to be re-integrated into the global economy”.
Under it, “Sanction relief will be discussed and agreed upon in phases and on a case-by-case basis.” The United States would sign a long-term Economic Co-operation Agreement covering “energy, natural resources, infrastructure, artificial intelligence, data centers, rare earth metal projects in the Arctic as well as other mutually beneficial corporate opportunities.” The third item: “Russia to be invited back into the G8.”
The draft named no US firm and gave no dollar value for the cooperation agreement. Dmitriev later put a headline value on US-Russian projects; our fact check of Dmitriev’s valuation tests it.
What did it propose for frozen Russian assets?
A split between Ukraine’s reconstruction and joint US-Russian ventures, with Washington taking a share of profits. Point 14 said “$100 billion of the frozen Russian funds will be invested in a US-led effort to reconstruct and invest in Ukraine. The US will receive 50% of the profits from this venture.”
Europe would add a matching $100 billion, and “The balance of the frozen Russian funds will be invested in a separate US-Russia investment vehicle that will pursue joint United States Russia projects in areas to be defined.” Euronews wrote that the language implied the Kremlin “would not only be spared from paying war damages in a future settlement but also benefit commercially.”
Keir Giles, quoted by Al Jazeera, said the clause looked like a Russian addition because “Russia has already written off frozen assets abroad, and now is dangling that as a carrot in front of the US.” Within weeks the EU locked the assets in place. Euronews later summed up point 14 as “a contentious idea that Western allies quickly shot down.” Our piece on the frozen-assets dispute follows what happened next.
What did the plan offer Ukraine economically?
A redevelopment package led by new funds and US partnerships. Point 12 called for a “Ukraine Development Fund to invest in high-growth industries including technology, data centers, and AI efforts.”
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It also said “The United States will partner with Ukraine to jointly restore, grow, modernize, and operate Ukraine’s gas infrastructure, which includes its pipelines and storage facilities,” and listed “Mineral and natural resource extraction.” A separate vehicle already existed by then: the US-Ukraine Reconstruction Investment Fund created by the 2025 minerals agreement. Its US partner, the Development Finance Corporation, said the fund would “prioritize investments in critical minerals, energy, transport and logistics, information and communications technology, and emerging technology.” That fund is covered in our report on the Ukraine minerals deal.
How do the FT’s reported deals compare with the 28-point plan?
They read like a more specific version of point 13, with a new idea for Zaporizhzhia. The broad categories in the draft, energy and natural resources, now come with project names attached.
| Draft clause (Nov. 2025) | What it proposed | Echo in the FT’s Oct. 2026 report |
|---|---|---|
| Point 13a | Phased, case-by-case sanctions relief | Europe opposes any relief before the war ends |
| Point 13b | Long-term US-Russia cooperation on energy, resources, AI, Arctic rare earths | Sakhalin-1, Druzhba, Alaska LNG, titanium |
| Point 13c | Russia back in the G8 | Not mentioned |
| Point 14 | Frozen Russian funds into US-led and US-Russian investment vehicles | Not mentioned |
| Point 19 | Zaporizhzhia plant restarted under IAEA, power split 50-50 | A US entity would run it and divide the power |
| Point 12 | Ukraine Development Fund; US help running Ukraine’s gas network | A “postwar economic framework” for Ukraine |
The nuclear plant shows the shift most clearly. The 2025 draft said the plant “will be restarted under supervision of the IAEA, and the produced power shall be equitably in a 50-50 split between Russia and Ukraine.” The FT’s sources now describe an idea to transfer its management “to a US entity that would split the energy between Ukraine and Russia.”
The FT also explained why the earlier effort faded: “That push ultimately stalled shortly afterwards, as Ukraine resisted Russian demands to make territorial concessions as a precondition for talks.” Someone with knowledge of the deals put it this way to the paper: “Dmitriev’s plan was waiting until the war froze.” The same person said a decision had since been made to move forward now. Our full breakdown of the FT report lists each venture.
Is the 28-point plan still on the table?
Not in its original form. Days after it surfaced, US and Ukrainian delegations met in Geneva and, according to a joint White House statement reported by Anadolu Agency, drafted an “updated and refined” peace framework.
Ukraine’s first deputy foreign minister, Sergiy Kyslytsya, said the two sides had drafted “a new 19-point peace deal,” leaving the most politically sensitive elements for the presidents to decide, the Irish Times reported. As of October 28, which of the original economic clauses survived that rewrite had not been made public. The US official quoted by the FT this month said Trump’s representatives have discussed “a postwar economic framework” for Ukraine as well as “potential opportunities for postwar economic collaboration with Russia.”
Frequently Asked Questions
What is the 28-point peace plan?
A US-drafted framework to end the Russia-Ukraine war that surfaced in November 2025. Reuters reported it came out of a Miami meeting between Steve Witkoff, Jared Kushner and Kirill Dmitriev. It covered security, territory, sanctions and economic cooperation.
Did the 28-point plan lift sanctions on Russia?
No. The draft said sanctions relief would be discussed and agreed in phases and case by case. It was a proposal, and it was later revised in Geneva.
What did the plan say about frozen Russian assets?
Point 14 proposed investing $100 billion of frozen Russian funds in a US-led Ukraine reconstruction effort, with the US receiving 50% of profits, and putting the remainder into a US-Russia investment vehicle.
Is the 28-point plan still being negotiated?
The US and Ukraine replaced it in November 2025 with an updated framework, reported as 19 points. As of October 28, that text had not been published, and a US official told the FT nothing is finalised.
How is the FT report connected to the 28-point plan?
The FT reported on Oct. 27, 2026 that current discussions about postwar business deals build on proposals Witkoff and Kushner discussed with Dmitriev during the peace-plan talks late last year.
Sources
- Washington discusses Russian deals for US oil majors in Ukraine peace talks — Financial Times, October 27, 2026
- Draft of U.S.-backed peace proposal for Ukraine — Reuters (via The Star), text of the draft, November 21, 2025
- Trump officials’ meeting with Russian in Miami spurs questions about Ukraine proposal — Reuters (via The Star), November 22, 2025
- US peace plan throws reparations loan for Ukraine into disarray — Euronews, November 21, 2025
- Trump’s 28-point Ukraine plan in full: What it means, could it work? — Al Jazeera, November 21, 2025
- US, Ukraine say Geneva talks produced ‘updated and refined’ peace framework — Anadolu Agency, November 24, 2025
- US and Ukraine draft new peace plan after ‘intense’ meeting but defer biggest decisions — The Irish Times, November 24, 2025
- EU triggers emergency clause to indefinitely immobilise Russian assets — Euronews, December 11, 2025
- DFC Announces U.S.-Ukraine Reconstruction Investment Fund Fully Operational and Poised for First Investments — U.S. International Development Finance Corporation, December 2025
This article is news reporting and analysis based on the public sources listed above, as they stood on the dates shown. Where officials, lawmakers or analysts disagree, including on whether an action is lawful, their positions are attributed to them; Donald Trump Class Action is not a court and nothing here is legal advice. Facts in a developing story can change.