The United States and Ukraine have reported progress in peace plan negotiations following a meeting in Geneva, though Kyiv and its European allies warn that key disagreements remain. According to the Financial Times, the plan has been reduced from 28 to 19 points.
US Secretary of State Marco Rubio told reporters after the talks that "tremendous" progress had been made. "I am very optimistic that we will get this done in a very reasonable period of time," he added. However, he clarified: "I don't want to declare victory or finality. There is still work to be done."
Citing informed sources, the FT reports that Sunday's negotiations resulted in the plan being trimmed to 19 points from the initial 28. Bloomberg provides further details: national security advisors made significant headway in whittling down the initial proposal to a shorter list of key items aimed at achieving an immediate ceasefire. Other points have been excluded for now and will be addressed in separate documents for later negotiations.
European officials, according to Bloomberg, expressed optimism that the latest draft no longer references a US-led plan regarding $100 billion in frozen Russian assets for reconstruction. The initial proposal stipulated that the US would receive 50% of the profits, with unspent frozen assets directed into a US-Russian investment fund.
German Chancellor Friedrich Merz welcomed the Geneva meeting but issued a warning: "Ukraine must not be forced into unilateral territorial concessions—Ukraine must also be able to effectively defend itself against aggression."
Ihor Brusilo, Deputy Head of the Office of the President of Ukraine, told Bloomberg Television that any discussions on territorial issues—key to a potential settlement—would likely be resolved at a meeting between the Ukrainian and American presidents. Regarding Ukraine's NATO membership, Brusilo emphasized that it remains on the agenda and "is one of the conditions that can serve as a security guarantee for Ukraine."
Zelensky stated on Monday that negotiations had reached a "critical moment," noting that discussions regarding territory and sovereignty would be difficult. "Putin wants legal recognition of what he stole—to break the principles of territorial integrity and sovereignty—and this is the main problem," the Ukrainian leader said in a speech released by his office.
Andriy Yermak, Head of the Presidential Office, announced that Ukrainian and American negotiators in Switzerland had prepared an "updated and refined framework document on peace." Any agreement will require the approval of Zelensky, Trump, and Putin.
Donald Trump hinted at potential progress on Monday via his Truth Social platform: "Is it really possible that big progress is being made in peace talks between Russia and Ukraine??? Don't believe it until you see it, but something good could happen."
Following the Geneva meeting, Rubio noted that the November 27 deadline proposed by Trump for Ukraine to support the plan is not rigid and could shift to next week.
Dmitry Peskov, Putin's press secretary, stated that Moscow had not received official information regarding the results of the Geneva talks. There are currently no specific agreements on a meeting between the US and Russia regarding the peace plan.
Ukraine's dollar-denominated Eurobonds maturing in 2029 rallied to their highest level since February, leading gains among emerging market debt on Monday amid the progress in negotiations.
The November 23 talks in Geneva marked the culmination of a tense diplomatic week surrounding the 28-point peace plan, which US President Donald Trump approved on November 19. The plan was developed by Special Envoy Steve Witkoff in consultation with Russian emissary Kirill Dmitriev, with Vice President JD Vance, Secretary of State Marco Rubio, and the President's son-in-law Jared Kushner participating in its formation. Trump set an ultimatum deadline of November 27 for Ukraine to accept the plan, threatening to cut off intelligence sharing and weapons supplies.
In response to the American initiative, the European Union prepared an alternative 24-point plan, which was presented at the talks in Geneva. The European document differs fundamentally from the American one: it envisions territorial negotiations based on the current line of contact without demanding territorial concessions from Ukraine, contains no restrictions on the size of the Ukrainian Armed Forces or its defense industry, and provides legally binding security guarantees similar to Article 5 of the NATO Treaty. Furthermore, the latest version of the plan, according to Reuters, no longer contains provisions regarding the $100 billion in frozen Russian assets.
Analyst Yuriy Romanenko, in a detailed analysis of the situation, notes that the plan was created without consulting Kyiv or the Europeans, and even without the knowledge of some officials in the White House and State Department. On November 21, Russian dictator Vladimir Putin claimed to have received the 28-point plan, calling it a "modernized version" of previous agreements, though he admitted that "this text is not being discussed with us substantively."
