A series of confidential negotiations between U.S. envoy Steve Witkoff and Russian investment chief Kirill Dmitriev lasted nine months without full visibility from American agencies or European partners, according to a Wall Street Journal report that has drawn widespread concern among Western officials.
People familiar with the matter told the Journal that the talks, which began shortly after President Donald Trump appointed Witkoff as his special envoy in early 2025, went well beyond discussions on Ukraine or prisoner exchanges. Instead, they included sweeping proposals for joint U.S.–Russia economic projects, including potential cooperation on Arctic rare-earth mining, energy production, and other commercial ventures.
U.S. Agencies Often Uninformed
Officials from the U.S. Treasury’s sanctions division, as well as personnel from the CIA and State Department, were reportedly partially or completely excluded from key stages of the talks. Several American officials said they learned details of the meetings through British intelligence channels, rather than from within the U.S. government.
The negotiations were conducted largely through private meetings in the United States and Europe, as well as encrypted communications. Dmitriev, who heads Russia’s sovereign wealth fund, was unsanctioned earlier in 2025 as a goodwill signal ahead of the talks.
Prisoner Exchange Drafted Before Alaska Summit
In the run-up to the Trump–Putin summit in Anchorage in mid-August, Witkoff and Dmitriev discussed what could have become one of the largest U.S.–Russia prisoner exchanges in years. However, according to the WSJ report, the CIA — which normally handles such negotiations — was not fully briefed, and the State Department received only limited information.
No final prisoner agreement emerged from the summit.
EU Intelligence Report Alarms European Capitals
A few days after the Anchorage meeting, the EU Intelligence and Situation Centre (INTCEN) circulated a confidential assessment to senior European security officials. The report outlined previously undisclosed U.S.–Russia commercial proposals, including plans for American companies to gain preferential access to Arctic rare-earth metals and other natural resources.
European officials were described as “shocked” by the contents of the document, particularly because many of the plans appeared to bypass Europe, even though EU member states have borne much of the economic and humanitarian burden of the war in Ukraine. The report also highlighted discussions involving the potential reallocation or monetization of frozen Russian assets, valued at over $300 billion and mostly held in Europe.
Economic Vision Raises Concerns
Sources told the Journal that Dmitriev promoted a large-scale U.S.–Russia “reset” centered on energy projects, mining ventures, and other investments worth hundreds of billions of dollars. Some of these proposals reportedly sought to position U.S. companies — rather than European firms — as primary partners for Russia’s post-war development.
This approach has complicated transatlantic relations. European governments, already wary of Washington’s unilateral migration from traditional diplomatic structures, view the revelations as a sign of strategic sidelining.
Uncertain Future
The negotiations have not resulted in a finalized peace framework, and officials in Kyiv remain cautious, insisting that any comprehensive settlement must include firm security guarantees and cannot grant Russia lasting territorial concessions.
The White House has dismissed some of the leaked details as inaccurate, while acknowledging that backchannel talks occurred. Russia has not publicly commented on the commercial elements of the reported discussions.
European diplomats say the fallout from the revelations is still unfolding. One senior official told reporters that the episode underscores the need for “full transparency and coordination among allies” as the war in Ukraine continues.
