The full text of the US-Russian 28-point peace plan was released on November 20 that the White House hopes will bring the war in Ukraine to an end.

The proposal was leaked earlier this year and thrashed out in talks between Special Envoy to the Middle East Steve Witkoff and Russia’s special envoy and sovereign fund manager head Kirill Dmitriev in secret and without the participation of either Ukraine or the EU.

Bankova (Ukraine’s equivalent of the Kremlin) has yet to comment on the plan, but it is widely expected that Ukrainian President Volodymyr Zelenskiy will reject it.

The list contains most of Russian President Vladimir Putin’s maximalist demands and few concessions to Ukraine. It also includes a demand that Ukraine in effect cede some 20% of its territory to Russia and reduce its military by half – both red lines for Bankova. Reportedly he has been working on an alternative plan together with his European partners, who have taken over the entire burden of supporting Ukraine since Trump pulled out.

The EU has also pushed back against the plan. In comments to journalists on November 20, EU foreign policy chief and former Estonian Prime Minister Kaja Kallas said the EU had a much simpler 2-point plan: weaken Russia and support Ukraine.

Land: The controversial plan concedes the Donbas territories that Russia does not already occupy, which will become demilitarized zones, but freezes the frontline in Zaporizhzhia and Kherson. The Crimea will also be ceded to Russia and all these territorial claims will be recognized by the US, but Ukraine is implicitly not required to recognize the claim. Zaporizhzhia nuclear power plant (ZNPP), the largest in Europe, will be returned to Ukraine, but half its power will be sold to Russia.

Sanctions: Russia will be reintegrated into the global economy with a phased sanctions relief. It will also be invited to join the G8.

Nato and security guarantees: Ukraine will alter its constitution and return to neutrality that was part of its basic law prior to 2014. Nato’s charter will be changed to preclude Ukraine’s membership and expansion will be halted. Instead, Ukraine will be offered security guarantees by the US, which will demand compensation for its services. In effect, the deal would be a step towards the pan-European post-Cold War security deal that Russia first proposed in 2008. The US also commits to renewing the Cold War-era missile agreements, long a top ask by the Kremlin, starting with the renewal of the START II missile agreement, which is due to expire in February.

Reconstruction: Ukraine’s EU accession will be fast-tracked. The European part of the frozen Central Bank of Russia (CBR) funds will be returned and the rest will be invested in a joint US-Russian fund. A $100bn US investment fund will be set up to pay for reconstruction with the US taking half of its returns. Europe will also raise a $100bn fund to help with reconstruction. The Trump administration specifically includes mineral deals that are part of his minerals diplomacy foreign policy. The US will engage in extensive, but undetailed, business deals with Russia covering minerals, energy and technology.

Culture: Russian will become a second official language and restrictions on language and the operations of the Russian Orthodox Church will be lifted.

Politics: all sides will receive a full amnesty for any war crimes committed. Fresh presidential elections will be held within 100 days (with the implication that Zelenskiy will be replaced with someone like General Valerii Zaluzhnyi, a preferred US candidate to take over.)

Text of the 28-point peace plan

1. Ukraine’s sovereignty will be confirmed.

2. A full and comprehensive non-aggression agreement will be concluded between Russia, Ukraine, and Europe. All ambiguities of the last 30 years will be considered resolved.

3. Russia will not invade neighbouring countries, and Nato will not expand further.

4. A US-mediated dialogue will be held between Russia and Nato to resolve security issues, create conditions for de-escalation, ensure global security, and improve opportunities for cooperation and future economic growth.

5. Ukraine will receive reliable security guarantees.

6. The size of Ukraine’s Armed Forces will be limited to 600,000 personnel [down from about 1mn currently].

7. Ukraine will enshrine in its Constitution that it will not join Nato, and Nato will adopt a provision stating that Ukraine will not be admitted at any time in the future.

8. Nato will not deploy its troops in Ukraine.

9. European Nato forces will be stationed in Poland.

10. US security guarantees:

a. The US will receive compensation for providing guarantees.

b. If Ukraine invades Russia, it will lose the guarantees.

c. If Russia invades Ukraine (except for a rapid coordinated military response), all global sanctions will be restored and recognition of new territories will be revoked.

d. If Ukraine unintentionally fires a missile at Moscow or St. Petersburg, the guarantees become invalid.

11. Ukraine may apply for EU membership and will receive short-term preferential access to the European market pending review.

12. A global reconstruction package for Ukraine will include:

a. A fund for investing in high-tech sectors (transport, logistics, data centres, AI).

b. US–Ukraine cooperation on restoring and operating gas infrastructure (pipelines, storage).

c. Joint efforts to rebuild war-affected territories, cities, and residential areas.

d. Infrastructure development.

e. Extraction of minerals and natural resources.

f. A World Bank financing package to accelerate reconstruction.

13. Russia will be reintegrated into the global economy:

a. Sanctions relief will be discussed and agreed individually and gradually.

b. The US will sign a long-term economic cooperation agreement with Russia covering energy, resources, infrastructure, AI, data centres, Arctic rare-earth mining, and other corporate opportunities.

c. Russia will be invited to return to the G8.

14. Frozen Russian assets:

a. $100bn will be invested in US-led reconstruction projects in Ukraine.

b. The US will receive 50% of profits from these projects.

c. Europe will add another $100bn for Ukraine’s reconstruction.

d. European frozen assets will be unfrozen.

e. Remaining Russian assets will be invested in a special US–Russia investment instrument for joint projects aimed at strengthening mutual interests and long-term stability.

15. A joint US–Ukraine–Russia working group on security issues will be established to monitor compliance with the agreement.

16. Russia will legally adopt a policy of non-aggression toward Europe and Ukraine.

17. The US and Russia will extend nuclear non-proliferation and nuclear arms control treaties, including START-1.

18. Ukraine will remain a non-nuclear state under the NPT.

19. The Zaporizhzhia Nuclear Power Plant will be restarted under IAEA supervision, with electricity output divided equally (50/50) between Russia and Ukraine.

20. Both countries will implement educational programs fostering cultural tolerance, understanding, and the elimination of racism and prejudice:

a. Ukraine will adopt EU standards on religious tolerance and minority protection.

b. Both sides will lift discriminatory measures and guarantee equal access for Ukrainian and Russian media and education.

c. Nazi ideology and activity will be banned in both countries.

21. Territorial arrangements:

a. Crimea, Luhansk, and Donetsk will be recognized de facto as Russian, including by the United States.

b. Kherson and Zaporizhzhia will be frozen along current front lines.

c. Russia renounces claims to any other territories it controls beyond these five regions.

d. Ukrainian troops will withdraw from the part of Donetsk region they currently control; this zone becomes a demilitarized neutral buffer internationally recognized as Russian Federation territory. Russian forces will not enter the demilitarized zone.

22. Future territorial arrangements cannot be changed by force; security guarantees will not apply if violated.

23. Russia will not obstruct Ukraine’s commercial use of the Dnipro River, and agreements will be reached on free grain shipments via the Black Sea.

24. A humanitarian committee will resolve outstanding issues:

a. Prisoners and bodies exchanged under “all for all.”

b. All civilian detainees and hostages returned, including children.

c. Family reunification program.

d. Measures to alleviate suffering of conflict victims.

25. Ukraine will hold elections within 100 days.

26. All parties to the conflict will receive full amnesty for wartime actions and agree not to file claims or pursue grievances.

27. The agreement will be legally binding. Its implementation will be monitored and guaranteed by a Peace Council chaired by Donald J. Trump. Sanctions will apply to violators.

28. After all sides agree, the ceasefire will take effect immediately once both sides withdraw to the agreed starting lines.