Last chance for a deal? What territory Russia may return to Ukraine in exchange for Donbas
Photo: Russian president Vladimir Putin (Getty Images)
Russia is ready to end negotiations with Ukraine if Kyiv does not agree to territorial concessions, in particular regarding the Donetsk region. The next round of talks, scheduled for March 4–5, may become decisive for signing a peace agreement, reports Bloomberg.
Kremlin’s terms and possible agreement
According to sources close to the Kremlin, Russia is ready to sign a draft memorandum on peace if Ukraine agrees to withdraw its troops from the entire territory of the Donetsk region. In case of agreement, a summit is planned with the participation of Russian leader Vladimir Putin, the presidents of the United States and Ukraine, Donald Trump and Volodymyr Zelenskyy, to confirm the agreement and begin the mutual withdrawal of armies.
Russia allegedly expresses readiness to withdraw troops from the Sumy, Kharkiv, and Dnipropetrovsk regions, as well as to abandon claims to the parts of the Kherson and Zaporizhzhia regions controlled by Ukraine. At the same time, Moscow insists on the presence of its National Guard in the occupied territories, while the United States proposes creating a free economic zone there under the Ukrainian flag.
Ukraine’s position and the role of the United States
President Volodymyr Zelenskyy emphasizes that the fortified areas of the Donetsk region are critically important for defense, and Kyiv does not recognize the illegal occupation of territories. Ukraine proposes a ceasefire along the existing front line and the return of territories exclusively through diplomatic means in the presence of strict security guarantees from the United States and Europe.
Negotiating groups have already held several meetings in Abu Dhabi and Geneva. Envoys of the United States, Steve Witkoff and Jared Kushner, discussed with the Ukrainian side an investment package for post-war recovery. Russia has made it clear that without concessions from Kyiv regarding territories, further talks make no sense.
The issue of the Zaporizhzhia NPP and security
A separate point of the negotiations remains the fate of the Zaporizhzhia Nuclear Power Plant. Russia proposes dividing electricity generation among three parties (Russia, the United States, and Ukraine), while Kyiv insists on a 50–50 division with the United States.
The possibility of providing Ukraine with security guarantees similar to Article 5 of NATO is also being discussed, which was previously mentioned by US special envoy Steve Witkoff after the summit in Alaska.
Deadlines for ending the war
A rapid diplomatic intrigue is unfolding around the negotiation process between Kyiv and Washington, the center of which has become Donald Trump’s ambitious deadline.
During a phone call with Volodymyr Zelenskyy, the American leader clearly outlined his desire to put an end to the war in just one month. This demand for speed is reinforced by the White House’s strategic goal: the administration seeks to conclude a peace agreement by the landmark 250th anniversary of US independence, which will be celebrated on July 4.
While officials discuss the timelines, March 2026 is increasingly mentioned behind the scenes as a realistic window for reaching agreements with Russia. Ukraine, for its part, is trying to make maximum use of Trump’s political weight and American mediation to accelerate this process and secure favorable terms.
However, despite the high pace and pressure from Washington, Zelenskyy remains restrained in his forecasts. Assessing the current state of document preparation, the Ukrainian president states that work is ongoing, but at present, there is a lack of substantial progress toward a final result.
