European nations are working with Ukraine on a 12-point proposal to end Russia's war along current battle lines, Bloomberg News reported on Tuesday.
A peace board chaired by US President Donald Trump would oversee the implementation of the proposed plan, the report said, citing people familiar with the matter.
European leaders called on Washington on Tuesday to hold firm in demanding an immediate ceasefire in Ukraine, with present battle lines to serve as the basis for any future talks. The Russian government has long demanded that Ukraine agree to cede more territory before any ceasefire.
Russia reiterated its previous terms for reaching a peace deal with Ukraine in a private communique sent to the US over the weekend known as a "non paper," two US officials said.
The communique reiterated Russia's demand that it take control of all of Ukraine's Donbas region, one of the officials said, a stance that effectively rejects Trump's current position that the frontlines should be frozen at their prevailing locations.
Ukraine, Europe to propose 12-point peace plan
Under the proposal, Ukraine would receive security guarantees, funds to repair war damage and a pathway to rapidly join the European Union, the Bloomberg report said, adding that once Russia follows Ukraine in agreeing to a ceasefire and both sides commit to halting territorial advances, the proposals envisage the return of all deported children to Ukraine and the exchanges of prisoners.
Both sides would enter into negotiations on the governance of occupied territories, though neither Europe nor Ukraine will legally recognise any occupied land as Russian, the report added, citing sources.
Reuters could not immediately verify the Bloomberg report.