President Trump appears to be busy rolling back years of entrenched Ukraine policy. Starting last week he announced the controversial diesel deal with Putin, and this week Ukraine’s Zelensky is complaining that intelligence-sharing has been throttled, and possibly even cut off.
The possibility or even likelihood of this heading to another TACO moment aside, what’s next? New reporting in the Financial Times gives an idea. The United States has floated a proposal that European countries unfreeze some of Russia’s sovereign assets and deposit them in an entity controlled by Washington.
The FT report cites four people familiar with the matter, who describe that the idea was formally presented by envoys Steve Witkoff and Jared Kushner during a meeting of Western allies and Ukraine in Miami on Oct.10.
“The US suggested several possible methods for unfreezing the assets, including for them to be moved into a new special-purpose financial vehicle overseen by Washington,” the sources said.
This US plan would be enacted in the hope of opening up momentum toward a comprehensive Ukraine peace plan. Moscow has of late rejected any ‘temporary’ proposal, including a 60-day pause in fighting recently offered by Zelensky. It wants a lasting political settlement and not a mere ‘pause’ along the front lines.
At the Miami meeting were NATO representatives, as well as officials from the US, France, Germany, and the EU.
“Many ideas have been floated as to how Moscow’s frozen assets could be used after the war, the US official added,” the FT says.
European officials are said to have balked at any initiative to let go of Russian assets. “They were told that this was just simply not going to happen,” one source said. For example, Germany has voiced its clear position:
“Those are assets that are frozen in Europe and they should remain frozen in Europe. This is our business and we are deciding over it,” Merz said in Brussels ahead of an EU summit.
At least €260 billion in sovereign assets belonging to Russia’s central bank were frozen in 2022 as a result of Russia’s full-scale invasion of Ukraine in February of that year. Most of this is held at the Belgian securities depository Euroclear. The vast majority, or over €210 billion of the sum, is held in the EU.
The last couple years of war has seen the EU work out a scheme wherein payments are made to Ukraine utilizing interest gained from Russa’s funds.
Washington’s sudden willingness to ease off the pressure on Moscow has interesting implications regarding the Iran war…
President Trump said on October 13 that he did not believe Russia was helping Iran. This raises a question: is this information really being withheld from the US president? In 2025, Russia and Iran signed a 20-year strategic treaty. They help each other with weapons, technology, and money to sustain their wars and weaken the United States. Iran attacks shipping to keep oil prices high. According to Reuters on October 14, 2026, two senior Iranian officials directly linked this strategy to the US elections on November 3. They also discussed expanding attacks beyond the Strait of Hormuz. This benefits Russia: its oil becomes more expensive, buyers accept smaller discounts, and demand rises. According to CREA, high prices helped Moscow maintain its revenues at the end of March, even after Ukrainian strikes on Russian export infrastructure. Russia offers the US its diesel and gets sanctions relief. Iran disrupts fuel supplies, while Moscow offers to help and receives concessions in return. Iran gave Russia Shahed-131/136 drones, components, equipment, and technology to manufacture drones in Alabuga. Russia is now returning the favor by supplying Iran with improved drones and sharing its experience in bypassing air defense systems. On March 27, 2026, the Associated Press, citing US and European officials, reported deliveries of such drones to Iran. Additional reports about Russian components and their use emerged in August. Iran provided the original technology; Russia refined it in Ukraine, and those improvements are now helping Iran attack US forces. Russia provides Iran with intelligence on US facilities. In September, CNN linked Russian satellite intelligence to Iran’s March 27 attack on Prince Sultan Air Base in Saudi Arabia. The strike wounded 12 US service members and destroyed an AWACS aircraft. Russia is helping Iran develop engines for supersonic cruise missiles. On September 1, 2026, the Financial Times reported on a secret program known as C430L, which has been operating since 2023. Russian specialists linked to Rosoboronexport and the United Shipbuilding Corporation’s NPO Mashinostroyeniya are involved. The program could allow Iran to manufacture more sophisticated weapons capable of threatening US ships and bases in the region. Iran supplies Russia with ballistic missiles and trains Russian troops to use them. In September 2024, the US officially announced the first delivery of Fath-360 missiles and reported that Iranian instructors were training Russian missile crews. For Moscow, this means additional ammunition for its war against Ukraine. Russia sells Iran air defense systems and combat aircraft. In February 2026, the Financial Times reported a contract worth approximately €495 million for 500 Verba man-portable air defense launchers and 2,500 missiles, scheduled for delivery between 2027 and 2029. Iran has also confirmed purchasing Su-35 fighter jets, while visual evidence of the first Mi-28 helicopter deliveries emerged in January 2026. The exact number of aircraft and helicopters Iran has received remains unclear. Russia is transferring US weapons captured in Ukraine to Iran. In March 2023, CNN reported that Russia had handed over Javelin and Stinger. US sources expected Iran to attempt to dismantle and copy the systems. Even if reverse-engineering fails, Tehran can study how they work and how to counter them. Russia helps the Houthis through Iran’s Islamic Revolutionary Guard Corps (IRGC). According to the Wall Street Journal in October 2024, the Houthis received Russian satellite data through this channel to target commercial shipping. Reuters also reported that Iran had acted as an intermediary in talks over possible Russian deliveries of Yakhont anti-ship missiles. It has not been established whether those deliveries took place. Iranian allies attack maritime routes and facilities belonging to US partners. Following an attack on Aramco’s headquarters, the Houthis vowed on October 14 to continue strikes on Saudi airports and oil facilities. The US and its allies are consequently forced to defend more sites and commit additional resources. Russia’s VTB bank helps Iranian banks process payments in circumvention of sanctions. On September 14, 2026, the US Treasury Department sanctioned VTB over its dealings with sanctioned Iranian banks, settlements in rubles and rials, and attempts to move billions of dollars in frozen Iranian assets. This gives Tehran access to funds that Washington had sought to block. The Russia-linked A7 network helps Iran receive oil revenues and pay for weapons. According to documents released by the US Treasury Department and FinCEN on October 1, its intermediaries also worked with Iran’s central bank and the IRGC. One intermediary and an affiliated company received nearly $140 million from entities involved in evading Iranian sanctions. Financial schemes developed for Russia are also serving Iran’s needs. Russia and Iran transport weapons in both directions across the Caspian Sea. The US Treasury Department identified the vessel Port Olya-3 as having transported Iranian missiles to Russia. In August 2026, NBC, citing a European government document, reported Russian shipments of drone components, ammunition, and explosives to the Iranian port of Amirabad. This route allows the two countries to supply each other directly with military cargo. Russia and Iran are developing the International North–South Transport Corridor together with India. According to the Center for Strategic and International Studies (CSIS), the project accelerated after 2022, partly to reduce dependence on Western routes and exposure to sanctions enforcement. Russia supports Iran’s nuclear energy sector and is preparing gas projects. Moscow helps operate the Bushehr nuclear power plant and build additional reactor units. Following wartime evacuations, Russian engineers began returning in August 2026. The two countries are also discussing gas supplies of up to 55 billion cubic meters annually, although this remains a proposed volume. Russia launches Iranian satellites. In July 2025, Russia launched Iran’s Nahid-2 telecommunications satellite into orbit. Russia and Iran exchange technologies for internet surveillance and communications interception. This cooperation is underpinned by a 2021 agreement and the 2025 strategic treaty. CSIS has also documented Russian assistance to Iran in intercepting telecommunications. Russia and Iran conduct influence operations targeting US elections. The US Treasury Department documented campaigns by both countries during the 2024 elections. Russia shields Iran from international scrutiny. On September 17, 2026, Russia and China blocked the extension of the mandate of a UN expert panel monitoring compliance with sanctions against Tehran. This makes it more difficult to independently document violations and increase pressure on Iran.
— Anton Gerashchenko (@Gerashchenko_en) October 15, 2026
European Commission President Ursula von der Leyen said that Moscow “must pay for the destruction it has caused. And we are using the proceeds from the immobilized Russian assets to make sure it does.”
“We are making a further [$1.62] billion of them available to Ukraine. This will support Ukraine’s continued resistance against Russia’s illegal war,” she had announced in August.
Tyler Durden
Thu, 10/15/2026 – 09:40
