The Trump administration has reportedly been collaborating with Russia to devise a new peace plan for Ukraine, which is still under wraps.
Efforts On Drafting Peace Proposal Intensify
Steve Witkoff, serving as Trump's envoy, is spearheading the plan's drafting and has held extensive talks with Russian envoy Kirill Dmitriev, Axios reported on Tuesday.
The proposal follows the principles that Trump and President Vladimir Putin agreed to during their August meeting in Alaska.
The proposal is structured around four pillars: peace in Ukraine, security guarantees, European security, and the future of U.S. relations with Russia and Ukraine, but it remains unclear how it tackles sensitive issues like territorial control in eastern Ukraine, according to the report.
The goal is to finalize a written proposal before Trump's next meeting with Putin, and the White House has already begun briefing both European and Ukrainian officials on the plan, Axios reported.
Ukraine Urged US To Extend Russian Oil Sanctions
This development comes in the wake of the U.S. imposing sanctions on Russia’s two largest oil companies, Lukoil and Rosneft, in response to their role in financing Russia’s war in Ukraine. The sanctions have led to growing disruptions to Lukoil’s foreign assets, which account for about 0.5% of global oil production.
Earlier, Ukrainian President Volodymyr Zelenskyy had urged the U.S. to extend sanctions on Russian oil from two companies to the entire sector. Zelenskyy’s call for more sanctions came amid stalled peace talks between Russia and Ukraine, which President Trump had described as “very disappointing.”
Trump reversed his initial support for sending Tomahawk missiles to Ukraine after a call with Putin, who strongly opposed the transfer, leading him to deny Zelensky's request during their White House meeting.
Meanwhile, Western oil majors have been grappling with the effects of the prolonged Russia-Ukraine conflict. In October, Chevron (NYSE:CVX) and Shell (NYSE:SHEL) had to slash oil and gas production at a major field in Kazakhstan after a Ukrainian drone attack on a Russian gas processing plant.
Price Action: Crude oil futures are down 0.43%, trading at $60.40 per barrel, when last checked.
READ NEXT:
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
