European nations are working with Ukraine on a 12-point proposal to end Russia’s war along current battle lines, pushing back against Vladimir Putin’s renewed demands to the US for Kyiv to surrender territory in return for a peace deal.

A peace board chaired by US President Donald Trump would oversee implementation of the proposed plan, according to people familiar with the matter.

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 exchanges of prisoners. Ukraine would receive security guarantees, funds to repair war damage and a pathway to rapidly join the European Union.

Sanctions on Russia would gradually be lifted though some US$300 billion in frozen central bank reserves would only be returned once Moscow agrees to contribute toward Ukraine’s post-war reconstruction. The restrictions would snap back if Russia attacked its neighbour again.

Moscow and Kyiv would enter into negotiations on the governance of occupied territories, though neither Europe nor Ukraine will legally recognise any occupied land as Russian, the people said.

Russia has so far rejected calls to end the fighting along existing lines, despite incurring massive casualties in the war that’s now in its fourth year.