Territory for peace? WSJ reveals Putin's possible ultimatum to Trump

Russian president Vladimir Putin may issue an ultimatum on Ukraine at a meeting with US President Donald Trump. It is about recognizing the occupied territories in exchange for the withdrawal of Russian troops from other areas, reports The Wall Street Journal.
Long talks between Trump and Putin
According to the sources, Donald Trump and Vladimir Putin repeatedly called each other in 2025 and sent messages through intermediaries.
A senior US official said that Putin and Trump's conversations were usually friendly. During the discussions, the US president often said that he wanted to revive US-Russian relations on the basis of economic cooperation.
Putin, in turn, spoke about his claims and demands, including international recognition of Russia's control over Crimea and other occupied territories of Ukraine.
According to the WSJ, Putin and Trump's phone calls sometimes lasted several hours because of the Russian president's long monologues that needed to be translated. According to current and former US officials, Trump, who is usually impatient and eager to engage in conversation, listened intently to Putin.
However, the July 3 phone call lasted only an hour, much less than previous ones. One of the sources said that the conversation lacked the same warmth as before, but there was no conflict. Trump ended the conversation, "surprised."
Putin's ultimatum
WSJ sources said that Trump and Putin have not had any serious conflict this year. However, there are concerns in the US and Europe that Putin put forward the idea of meeting with Trump to continue to put pressure on him, not to achieve peace.
According to a senior European diplomat and a Ukrainian official, Putin may offer to secure some of the seized Ukrainian territories for Russia in exchange for the withdrawal of Russian troops from other areas during his meeting with Trump. And the US president, seeking a peace agreement, may urge Ukraine and its allies to accept this proposal.
According to the official, Ukraine and other European governments are likely to reject the plan. This would likely play into Putin's hands, as Trump could accuse Ukraine of prolonging the war.
Trump, Zelenskyy, and Putin may meet
This week, US special envoy Steve Witkoff visited Moscow. He held a three-hour meeting with Putin.
After that, the United States and Russia started talking about a possible meeting between Trump and Putin, as well as a trilateral meeting with Ukrainian President Volodymyr Zelenskyy.
According to the NYT, Trump allegedly intends to meet with Putin next week.
Putin's aide, Yuri Ushakov, said that Russia and the United States had agreed to hold a meeting between Trump and Putin in the coming days, and had allegedly already determined the location. Putin himself noted that it could take place in the United Arab Emirates.