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But not everyone is celebrating.
Because peace, for some European leaders, is a political threat.
German outlet Der Spiegel obtained the transcript of a December 1 call between top European heads of state and Ukrainian President Volodymyr Zelenskyy. What they said when they thought nobody was listening exposes their true priorities.
French President Emmanuel Macron sounded the alarm, warning Zelenskyy that “there is a possibility that the US will betray Ukraine on the issue of territory without clarity on security guarantees.” He went even further, calling Trump’s efforts “a great danger” for Ukraine.
German Chancellor Friedrich Merz added his own warning, telling Zelenskyy to be “extremely careful in the coming days” and insisting that American negotiators are “playing games, both with you and with us.”
Finnish President Alexander Stubb was even blunter: “we must not leave Ukraine and Volodymyr alone with these guys.”
And NATO Secretary General Mark Rutte backed him up: “I agree with Alexander — we must protect Volodymyr.”
Apparently, the greatest threat isn’t Putin—it’s Trump’s peace plan.
While the call touched on peace negotiations, one topic dominated the conversation: money.
Specifically, the $200 billion in frozen Russian central bank assets held mostly in Europe.
Trump’s framework proposes using $100 billion for a U.S.-led reconstruction plan—one that would give America a share of the profits. The other $100 billion would come from Europe, with a portion going into a joint U.S.-Russia investment vehicle to support future stability.
That idea had Europe’s political class in full meltdown.
Macron insisted “the Europeans are the only ones who have a say on what we will do with the frozen Russian assets held in Europe.” That’s not about Ukraine’s safety. That’s about power—and control over staggering sums of money sitting in institutions like Euroclear.
Meanwhile, European Commission President Ursula von der Leyen is pushing her own scheme to use $105 billion in frozen Russian funds as collateral for a long-term Ukraine loan. Brussels wants to control every penny.
In other words: they don’t want peace messing up their financial plans.
European leaders keep screaming that Trump is “selling out” Ukraine. What they ignore is that the Trump framework includes something Ukraine has begged for since 2014: collective defense.
The proposal states that any “significant, deliberate, and sustained armed attack” on Ukraine after a peace deal “shall be regarded as an attack threatening the peace and security of the transatlantic community.”
It even commits the U.S. and European partners to respond with military force.
Europe called that a “threat.”
Zelenskyy has spent years pleading for exactly that language.
So why is Europe furious?
Because the plan shifts leverage away from Brussels and toward Washington.
Secretary of State Marco Rubio worked with Ukrainian negotiators to revise the original 28-point draft down to 19 points, removing some of the most sensitive territorial provisions. Trump, unlike Biden, is actually adjusting to Ukraine’s concerns.
But European leaders don’t care.
They’re not worried about borders or troop caps—they’re terrified of losing their grip on $200 billion in frozen Russian money and the political power that comes with it. Peace threatens their budgets, their influence, and their narrative.
So instead of backing Trump’s diplomatic push, they held a secret call plotting to “protect” Zelenskyy from America’s negotiators.
And now the world knows.
The transcript—confirmed as accurate in substance by multiple officials—makes one thing painfully clear: Europe is not panicking about Russia. They are panicking about Trump.
Trump is making progress.
Europe is losing control.
And the leaked call reveals the truth they desperately hoped would remain hidden:
It’s not Donald Trump who wants the war to drag on.
It’s them.
