Russian President Vladimir Putin reportedly told a group of top business leaders on December 24 that he is open to a partial exchange of territories in Ukraine, provided Russia secures full control of the Donbas region.
Thank you for reading this post, don't forget to subscribe!This update comes as U.S. and Ukrainian delegations move closer to a 20-point plan discussed during high-level meetings in Miami.
1. The Territorial “Red Line”
While Putin indicated flexibility on some areas, the Donbas remains non-negotiable for the Kremlin.
- The Trade: Russia may consider returning slivers of land in the Kharkiv, Sumy, Mykolaiv, and Dnipropetrovsk regions.
- The Requirement: Ukraine must cede the remaining parts of the Donetsk and Luhansk (Donbas) regions currently under Kyiv’s control.
- Precedent: Putin stated these concessions align with the “understandings” reached during his August summit with Donald Trump in Anchorage.
2. The Zaporizhzhia Nuclear Plant Proposal
A unique component of the discussions involves the Zaporizhzhia Nuclear Power Plant (ZNPP), the largest in Europe. According to the report:
- Joint Management: Negotiations are underway for a shared Russian-U.S. management structure for the facility.
- Crypto Mining: Putin claimed the U.S. expressed interest in utilizing the plant’s massive energy output for cryptocurrency mining.
- Energy Sharing: The plant would continue to provide electricity to parts of Ukraine to help stabilize its grid.
3. Obstacles to a Final Agreement
Despite progress on a 20-point framework, Ukrainian President Volodymyr Zelenskyy noted two major sticking points:
- Sovereignty in Donbas: Ukraine remains unwilling to formally cede the portions of Donbas it still defends.
- Control of the ZNPP: Disagreement persists over the long-term status and security of the nuclear facility.
Summary of Current Control
| Region | Estimated Russian Control |
| Crimea | 100% |
| Donbas | ~90% |
| Zaporizhzhia/Kherson | ~75% |
