Our new book is The Comeback: The 2024 Elections and American Politics. The second Trump administration has been full of ominous developments.
Three powerful businessmen—two Americans and a Russian—hunched over a laptop in Miami Beach last month, ostensibly to draw up a plan to end Russia’s long and deadly war with Ukraine.
But the full scope of their project went much further, according to people familiar with the talks. They were privately charting a path to bring Russia’s $2 trillion economy in from the cold—with American businesses first in line to beat European competitors to the dividends.
At his waterfront estate, billionaire developer-turned-special envoy Steve Witkoff was hosting Kirill Dmitriev, head of Russia’s sovereign-wealth fund and Vladimir Putin’s handpicked negotiator, who had largely shaped the document they were revising on the screen. Jared Kushner, the president’s son-in-law, had arrived from his nearby home on an island known as the “Billionaire Bunker.”
Dmitriev was pushing a plan for U.S. companies to tap the roughly $300 billion of Russian central bank assets, frozen in Europe, for U.S.-Russian investment projects and a U.S.-led reconstruction of Ukraine. U.S. and Russian companies could join to exploit the vast mineral wealth in the Arctic. There were no limits to what two longtime adversaries could achieve, Dmitriev had argued for months: Their rival space industries, which raced one another during the Cold War, could even pursue a joint mission to Mars with Elon Musk’s SpaceX.
For the Kremlin, the Miami talks were the culmination of a strategy, hatched before Trump’s inauguration, to bypass the traditional U.S. national security apparatus and convince the administration to view Russia not as a military threat but as a land of bountiful opportunity, according to Western security officials. By dangling multibillion-dollar rare-earth and energy deals, Moscow could reshape the economic map of Europe—while driving a wedge between America and its traditional allies.
