(Bloomberg) — US allies expect President Donald Trump’s administration to present a long-awaited plan to end Russia’s war on Ukraine at the Munich Security Conference in Germany next week, according to people familiar with the matter.
The blueprint would be presented to allies by Trump’s special representative for Ukraine, Keith Kellogg, according to the people, who spoke on condition of anonymity. They declined to say how detailed they expected the discussions to be or what format they would take.
The proposal would be delivered at the Feb. 14-16 conference in the Bavarian city a week before Russia’s war hits the three-year mark. Reports and comments from Kellogg and others in recent weeks have provided hints of the plan to seek what Trump allies have referred to as “peace through strength.”
Elements include potentially freezing the conflict and leaving territory occupied by Russian forces in limbo while providing Ukraine with security guarantees to ensure that Moscow can’t attack again.
Ukrainian bonds, which have been gaining in most of the last three months on speculation of an eventual movement toward peace, added to those gains Wednesday. Dollar notes due in 2035 and 2036 were trading at the strongest levels since they were issued last year.
Kellogg has signaled that the US would like to see elections held in Ukraine after a ceasefire, while Trump has indicated that access to critical minerals in return for US support could be part of a settlement. The retired general on Wednesday confirmed plans to attend the Munich gathering.
The US president has also threatened Moscow with massive sanctions if it doesn’t engage in talks. A White House spokesperson didn’t immediately respond to a request for comment.
Contact With Washington
Ukraine’s top priority as an ultimate security guarantee is NATO membership, a prospect that Kyiv has acknowledged is unlikely in the short term. President Volodymyr Zelenskiy said this week that he’s open to elections after the war ends — and once martial law is lifted.
The Ukrainian president’s top adviser, Andriy Yermak, spoke to US National Security Advisor Michael Waltz this week, while Russian President Vladimir Putin’s spokesman said that contacts between US and Russian agencies were intensifying.
Both Putin and Zelenskiy signaled that their previous refusal to talk to each other has softened as Trump’s plan approaches. In an interview late Tuesday with television host Piers Morgan, Zelenskiy reiterated his readiness to talk to Putin to end the war, in the presence of Ukraine’s partners.
The Ukrainian leader’s statement echoed remarks to Bloomberg News last month that he is ready to sit at the negotiating table with Russia alongside the US and EU.