00:30Coming up today, it is a historic week for Ukraine and Europe with the future of the continent's security at stake.
00:37The Swiss city of Geneva took centre stage yesterday for high-stake talks about the controversial 28-point US-Russia plan for Ukraine.
00:46EU ambassadors also huddled in Brussels last night to work on a counter-proposal to give Kiev more skit base to negotiate a better deal.
00:54But the clock is still ticking towards a deadline set by President Trump for this Thursday Thanksgiving.
01:01To get up to speed, let's bring in now your news's EU editor, Maria Tadeo.
01:04Maria, good morning.
01:05Good morning.
01:06Look, we're hearing there was progress in Geneva and that deadline could be flexible.
01:10But what's your take on the Geneva talks?
01:11Well, absolutely, Maeve. This was certainly the most intense diplomatic effort since the war started.
01:16Of course, we had seen in the days prior the US administration really ramping up the pressure on Ukraine, repeating this deadline on Thursday, Thanksgiving Day.
01:25And of course, President Trump also tweeting the Ukrainians.
01:28They are simply not grateful.
01:30But on Sunday in Geneva, we did see Marco Rubio, the top US diplomat, take down some of that temperature, saying there is work that is going through and work is being done.
01:41Let's take a look.
01:51Well, indeed, the Americans have certainly left.
01:53And they said that there was, you know, progress was made indeed.
01:57But meanwhile, today, the Europeans are meeting the Africans in Angola.
02:00And we've seen that the EU Council President, Kosta, has asked them to huddle together to discuss Ukraine.
02:04But what exactly can the Europeans do?
02:06Well, you know, Maeve, yesterday on the Sunday, European ambassadors already met here in Brussels.
02:10They will huddle, as you say, on the sidelines of this meeting on the Monday.
02:14There has been a lot of leaks over the weekend about documents in terms of this counterproposal.
02:19Euronews has seen them.
02:20We have to stress two points.
02:22One is the European leadership is not officially endorsing any of these documents, but the direction they want to take, and sources are very clear to Euronews on this, is that they want to seize and ease some of the pressure on the territorial concessions.
02:35The idea that the frozen assets would be released and given to Russia, that is an absolute no-go.
02:40They also want to stress that there would be no veto to Ukraine when it comes to NATO.
02:44If Ukraine does not join NATO, it's not because of Russia.
02:47It would be because there is simply no consensus around NATO allies.
02:52They also want to stress the idea of a ceasefire, too.
02:54So that is a direction they want to take.
02:56And then to Maeve, for the Europeans now, this is about also the optics.
03:00They do not want to be seen as wanting to sink this plan because they fear they could get the worst end of the stick from President Trump.
03:06The goal now is to sway this proposal to also buy more time for Kyiv to get a better deal.
03:12And I should also stress, none of the diplomats that I spoke to over the weekend believe this can be done by Thursday, just simply because of the complexity of this proposal.
03:21But again, this diplomatic push from the Europeans continue in that direction.
03:25And Dina, for now, the Americans, of course, have left.
03:27And Eva, thank you so much.
03:28Maria Tadeo, Euronews's EU editor, keeping across that story for us.
03:32And for more, of course, on this developing story, do visit Euronews.com for longer reads and analysis.
03:38But coming up, we'll be joined here in the studio by Michał Baranowski, the Polish trade minister who's in Brussels today,
03:45for what are set to be very, very frank talks between the Americans and the Europeans about the fraught EU-US trade deal.
03:53The EU signed up to an unbalanced deal on tariffs to stabilise relations with the US and assure support for Ukraine.
03:59But it is not sure that that bet will pay off.
04:03Minister Baranowski, welcome to Europe today.
04:05Great to be with you.
04:06Thank you so much for joining us on what is a very intense, busy day for you.
04:09But first, a critical week as well for the Ukrainians and the Europeans.
04:13But the Europeans are not getting a seat at the table here.
04:15Well, we are getting there.
04:17You know, it's a little bit confusing, the situation around the peace plan.
04:20It turns out that this is an opening bid rather than a final proposal.
04:24We are now back at the new stage of the negotiations.
04:29The initial proposal, I think it was clear, was not balanced.
04:35So that's been put in the dustbin, has it?
04:37The 28th plan that clearly had the fingerprints of the Kremlin all over.
04:40Is that ditched?
04:40Is it in the bin?
04:41I would not say it that far.
04:44Look, and it's in the end for Ukrainian government to decide what they can accept or not.
04:49But it's not Ukraine's, not only Ukraine's security, it's very much Europe's security.
04:53Therefore, we are at the table.
04:55We are the biggest backer, both financial and militarily, of Ukraine.
05:00And that makes perfect sense for us to be very much part of the plan.
05:03And that's why the Europeans are meeting today in Angola.
05:06I mean, on the sidelines of the EU-Africa meeting.
05:08Will they be able to sway this?
05:10I'm very hopeful and optimistic.
05:12I really cannot imagine, frankly, let's imagine the opposite scenario in which Europeans are not part of the solution.
05:20How would it work?
05:21Who would pay for it?
05:22Who would provide security guarantees with the United States?
05:27In the end, we all want, and I'm convinced that President Trump as well, wants a stable peace.
05:33It's not only something that we'll be taken advantage of by the Russian government that has a long history of walking away from any agreements that they signed the day before.
05:45And as I said, the Americans have left Geneva, but their counterparts have arrived here in Brussels.
05:50And that's why you're here for high stakes trade talks.
05:52I mean, the EU agreed to the 15% tariffs on the basis that the deal would provide stability and keep the US engaged.
05:59But given what we know now, Minister, should we reject this deal that was signed off back in July?
06:03No, we should not.
06:04I mean, this is a deal that provided stability.
06:06We are meeting today with Secretary Lutnik and USTR Greer to talk about where we are.
06:14It provided stability and also in comparison to other US deals.
06:20This is actually a pretty decent deal that Europe got.
06:25Would I be happier if it was more balanced, if we got a bigger slice of the pie?
06:29Absolutely.
06:30But I think we'll be looking at both what has been signed and the bigger strategic picture.
06:35Because also what has happened is we have seen, for example, China putting dependency on rare metals right on the table as a big gun, both against the US and against Europe.
06:47And today is all about the nitty gritty.
06:48I mean, what kind of exemptions will you be trying to get today?
06:50It's not only about the nitty gritty.
06:53The nitty gritty is, to a large extent, done by the commission that put forward an action plan.
07:01I could go into the details, but I think those might be a little bit too detailed.
07:05I think today we are aiming to get a big picture with Lutnik and Greer that we are moving in the right direction, both on our part, but also on their part.
07:14There is, for example, steel tariffs that are still to be fully taken care of.
07:19But I suspect that we'll be talking not only about the bilateral aspect, but also about overproduction coming from third countries, so to say.
07:30And tech, of course, is coming into these trade talks as well.
07:33I mean, is the US trying to push you to change your digital rules and legislation?
07:37I would be surprised if digital rules were not voiced by the Americans.
07:43It would be out of character.
07:46Europe is very clear that we are providing a stable base for everyone to engage also in services, in digital services.
07:58But we are not going to walk away from our sovereign regulations.
08:02So we can talk about the impact on our businesses, on American businesses.
08:08But that's one of the red lines that I don't think we'll all of a sudden say, OK, forget about the digital regulations.
08:16We'll just do what you tell us.
08:18That's a red line.
08:19And just to go back to Ukraine and the reconstruction, who should pay when it comes to its frozen Russian assets?
08:24That was the main tool the Europeans had on the table, but it seems to be scuppered now.
08:28I don't think it's done.
08:29Look, it is, as you say, one of the key questions.
08:34Russia, it's clear who has to pay at the end.
08:37It is Russia.
08:38Russia is the aggressor.
08:40We happen, as Europe, to have the frozen assets that can be used through a loan to finance Ukraine over the next two years to the tune of 140 billion.
08:49And I don't think this is gone.
08:52We do need to make sure that that tool is preserved in our pocket.
08:56OK, we keep an eye on that.
08:57Thank you so much, Minister, for being with us.
08:58And best of luck for your busy day.
09:00Now, as I said, another major point on the minds of Europeans is, of course, the plan to use Russian frozen assets to fund the reconstruction of Ukraine.
09:08But President Trump's plans throws the reparations loan for the country into disarray, as Jakob Yanis reports.
09:13You don't have the cards.
09:18That is what Donald Trump told President Zelensky earlier this year.
09:23But Brussels thought it held an ace, the frozen Russian assets.
09:27Now, the 28-point US peace plan has called out Europe's hand.
09:32And the pot is massive.
09:34Estimated 300 billion euros in Russian central bank assets are frozen across the G7 countries.
09:42The vast majority, 185 billion euros, is locked right here in Belgium by Euroclear, a securities depository.
09:51Brussels plans to use the Russian frozen assets to issue an unprecedented reparations loan for Ukraine.
09:57But the US plan flips the script with a controversial proposal.
10:01Unblock the funds and split them into two investment vehicles.
10:05Fund number one for Ukraine's reconstruction.
10:09100 billion dollars of the frozen assets would be deployed and Europe would have to front another 100 billion of its own cash.
10:17The catch? The US takes 50% of the profits.
10:21Fund number two, a US-Russian joint venture.
10:24The rest of the money will be invested in projects for Moscow.
10:28Far from paying reparations for attacking its neighbor, the Kremlin is rewarded with a commercial opportunity.
10:35The result? Moscow gets a win, Washington flips a profit, and Europe loses its main leverage.
10:42Brussels is not at the table.
10:45And it may end up reduced to a spectator with a very expensive bill to pay.
10:54And for more on this, we can bring in now Thomas Hendrik Ives, the former president of Estonia, who's joining us this morning from Bucharest.
11:01Great to have you with us. Thank you for talking to Europe today.
11:05Great to be here.
11:07Look, let's talk about money in just a minute, sir.
11:09But first, your thoughts on the Trump plan.
11:11Do you think it's a big win for the Kremlin?
11:13Oh, it's a fantastic win for the Kremlin, at least as it was originally proposed.
11:20And it's probably not the Trump plan.
11:23It's the Trump-Putin plan.
11:25I mean, it's clear that everything in that original document is in favor of Moscow and is in every way against what Ukraine needs.
11:42And they're the victim.
11:43And could it weaken Ukraine, you think, and perhaps benefit American and Russian investors?
11:47Well, it's clear from there that it's seen as a business deal.
11:54And the collateral damage is to Ukraine and a little bit more, an additional collateral damage to Europe, which ends up footing the bill.
12:05So what should the Europeans be doing here?
12:06I mean, they've come up with a counterproposal last night.
12:08Ambassadors were meeting.
12:10EU leaders will meet today in Angola.
12:11What should they be doing here?
12:13Well, it's clear this plan cannot fly without the Europeans.
12:17I mean, the Europeans are supposed to be paying for it, ultimately.
12:23And moreover, I mean, the plan is originally foreseen without even consulting.
12:28Europeans says, OK, planes will be based in Poland without ever asking Poland, where does this come from?
12:36So this will not fly.
12:40Ultimately, if the Europeans scupper this deal, then nothing will happen.
12:45Then nothing will happen.
12:46And what about the frozen Russian assets?
12:48The Europeans were banking on using this to reconstruct Ukraine.
12:52But now it seems to be a little bit in disarray.
12:53Who should pay here?
12:54The Europeans or the Russians?
12:57Well, it's an ongoing discussion.
13:00It is not.
13:01We have not gotten to the end of it.
13:04And the Europeans are not paying.
13:05I mean, this money is, these are frozen Russian assets.
13:09And the dispute is where, how do we get those funds?
13:14And that's where the discussions are going with, going on with the Belgians.
13:18But otherwise, I mean, this money is Russia's and it will be spent on reparations and on repairing Ukraine once this war is over.
13:31OK, Thomas Hendrik, guys, thank you so much for joining us and being our guest this morning on Europe Today.
13:38And thank you so much for watching, because that does indeed bring this edition to an end.
13:43For more news and headlines, do take a look at euronews.com or download the Euronews app to stay afloat of all the developing stories.
13:51I'll be back tomorrow, bright and early Tuesday, live here on Euronews.
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