President Vladimir Putin told some of Russia’s ​top businessmen that he might be open to swapping some territory ‌controlled by Russian forces in Ukraine but that he wanted the ​whole of Donbas, the Kommersant newspaper reported.

Andrei Kolesnikov, the Kremlin correspondent for the Kommersant, one of Russia’s top newspapers, said that Mr. Putin briefed top businessmen on the details of the plan at a late-night Kremlin meeting on December 24.

“Vladimir Putin asserted that the Russian side is still ready to make the concessions that he made in Anchorage. In other words, that ‘Donbas is ours,’” Kommersant reported.

In ​essence, Mr. Putin wants the whole of Donbas but outside that area “a partial ⁠exchange of territories from the Russian side is not ruled out,” Mr. Kolesnikov wrote in the newspaper.

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Ukrainian President Volodymyr Zelenskiy, in remarks to reporters released by his office on Wednesday (December 24), said Ukrainian and U.S. ​delegations had inched closer to ⁠finalising a 20-point plan at the talks over the weekend in Miami.

But Zelenskiy said Ukraine and the United States had notcfound common ground on demands that Ukraine cede the parts of Donbas that it still controls – or ‌on the future of the Zaporizhzhia nuclear power plant which is controlled ‌by Russian forces.

U.S. President Donald Trump has repeatedly promised to end the deadliest conflict in Europe since World War Two and his envoy ‍Steve Witkoff and son-in-law Jared Kushner have been negotiating with Russia, Ukraine and European powers.

The full detail of the U.S. proposals has not been disclosed, though Russian ‍officials have repeatedly referred to unspecified “understandings” reached between Mr. Putin and Mr. Trump at a summit in Anchorage, Alaska, in August.

Russia demands Donbas

Russia controls all of Crimea which it annexed in 2014, about 90% of Donbas, 75% of Zaporizhzhia and Kherson regions, and slivers of the Kharkiv, Sumy, Mykolaiv and Dnipropetrovsk regions, according to Russian estimates.

Mr. Putin said on December 19 that he thought a peace deal should be based on the principles of the conditions he set out in 2024: Ukraine withdrawing from all ⁠of Donbas, Zaporizhzhia and Kherson regions, and Kyiv officially renouncing its aim to join North Atlantic Treaty Organization (NATO).

According to Kommersant, Mr. Putin also raised the issue of the ​Zaporizhzhia nuclear power plant, the largest nuclear facility in Europe, at his meeting with ⁠businessmen.

Mr. Putin, according to Kommersant, said that joint Russian-U.S. management of the nuclear power station was being discussed. Mr. Putin also said that the United States had expressed an interest in crypto mining near the plant and that the plant should be used to partially supply Ukraine.

Russia invaded ⁠Ukraine in February 2022 in what the Kremlin says is a “special military operation”.

Russia on Sunday (November 23, 2025) said it had captured three more villages in eastern Ukraine as U.S., Ukrainian and European officials gathered in Geneva to discuss a controversial plan to end the war.

Moscow’s Defence Ministry said troops had seized Petrivske in the Donetsk region, as well as Tikhe and Otradne in the Dnipropetrovsk region.

Kyiv has been scrambling to hold on to key strongholds on the eastern front, where Russian soldiers have been steadily gaining ground.

Russia’s latest advances came ahead of talks in Geneva to discuss U.S. President Donald Trump’s plan to end the nearly four-year war.

Mr. Trump has given Ukraine until November 27 to approve the proposal, but Kyiv is seeking changes to a draft that accepts some of Russia’s hardline demands.

The 28-point plan would require the invaded country to cede territory, cut its army, and pledge never to join NATO.

It also offers Western security guarantees to Kyiv to prevent further Russian attacks.

Russian leader Vladimir Putin has welcomed the proposal, saying it could “lay the foundation” for a final peace settlement, but threatened more land seizures if Ukraine walked away from negotiations.