Ukraine did not react positively to the peace deal brokered through the U.S., prompting European leaders to craft a counter-offer.

The first draft of Trump’s 28-point peace plan called for an investment scheme for Ukraine’s reconstruction controlled by the U.S. but financed by $100 billion in frozen Russian assets matched by another $100 billion from the European Union — with 50% of profits sent back to Washington.

Russian President Vladimir Putin appeared last week to be cautiously optimistic on the U.S. 28-point peace plan to end his invasion of Ukraine.

European leaders were blindsided by President Trump’s 28-point-plan to end the Ukraine war, setting off a dash for influence.

The European Union has accelerated efforts to agree on a scheme to use frozen Russian assets to help Ukraine after a U.S.-backed peace plan last week set out different ideas, EU officials said.

Cracks have emerged in the continent on how to keep arming Ukraine without U.S. money and how to respond to an increasingly tense confrontation with Russia.