Will Ukraine give up land to end the war? According to The Telegraph, President Volodymyr Zelenskyy has quietly signaled yes—but only territory Russia already holds.

European diplomats and Western officials told the newspaper that Zelenskyy acknowledged this position in conversations with European leaders. The catch? Ukraine would reject any deal requiring it to surrender additional territory.

Why the shift now? Trump and Putin set to meet in Anchorage, Alaska on 15 August.

The White House described the meeting as a “listening exercise” for Trump to better understand how to potentially bring the war to an end.

The timing matters. European leaders worry Trump might negotiate over Ukraine’s head. “I have many fears and a lot of hope,” Polish Prime Minister Donald Tusk said Monday.

Zelenskyy emphasized that any peace deal must include Ukraine’s involvement and that Ukrainian territorial integrity is non-negotiable. Trump, however, hinted that any agreement might involve territorial concessions, a point strongly opposed by Zelenskyy. 

What exactly would Ukraine accept? Freezing current front lines. Russia would keep de facto control of occupied areas in Luhansk, Donetsk, Zaporizhzhia, Kherson and Crimea—roughly 20% of Ukraine’s internationally recognized territory.

But there’s a constitutional problem. Ukraine’s constitution requires a nationwide referendum for territorial concessions.

Trump criticized this constraint Monday: “I was a little bothered by the fact that Zelenskyy was saying, ‘Well, I have to get constitutional approval’. I mean, he’s got approval to go into war and kill everybody, but he needs approval to do a land swap?”

Trump to find out if he can make a deal with Putin

Can Trump deliver on his promises? The US president said Monday he would try recovering Ukrainian territory during his Putin meeting. “Russia has occupied a big portion of Ukraine. We’re going to try to get some of that territory back for Ukraine.” There would be “some swapping, some changes to land.”

Trump described Friday as a “feel-out meeting.” His confidence? “Probably in the first two minutes, I’ll know exactly whether or not a deal can be made because that’s what I do. I make deals.”

Europe warns no more Ukrainian concessions

Here’s what Europe thinks. Six major powers—the European Commission, France, Italy, the UK, Poland, and Finland—issued a joint declaration stating “the current line of contact should be the starting point of negotiations.”

Translation: No more Ukrainian concessions.

France’s Emmanuel Macron and Germany’s Friedrich Merz backed this hardline approach over the weekend. Their message to Trump: territorial exchanges are a “red line.”

Russia prepares to launch more offensives, not ready to stop war

Is Russia actually ready for peace? Zelenskyy doesn’t think so. Monday evening he cited intelligence reports showing Russia “moving their troops and forces in such a way as to launch new offensive operations.”

The Institute for the Study of War agrees. Russia still seeks Ukraine’s “full capitulation”—toppling the Western-facing government, blocking NATO membership, and forcing demilitarization.

Why can’t Ukraine afford to lose more territory? Geography. Ceding additional areas in Donetsk would let Russian forces bypass fortifications built since the 2014 Donbas war. Ukraine would lose strategic defensive positions it’s held for years.

What about those Kursk bargaining chips? Gone. Ukraine had controlled parts of Russia’s Kursk region, potentially useful for prisoner swaps or negotiations. But Moscow’s forces broke Ukrainian control of that border area.

Ukraine emphasizes security guarantees in any peace deal

Therefore, Zelenskyy insists on clear and reliable security guarantees from Western countries before agreeing to any peace deal with Russia. He emphasizes Russia’s history of repeatedly violating ceasefires since 2014.

He also highlights the importance of starting peace efforts with confidence-building measures like the release of thousands of Ukrainian prisoners and stresses that Ukraine deserves not only to join the EU but also receive NATO security guarantees. 

NATO Secretary General Mark Rutte framed the central challenge: “How to deal with the factual situation that the Russians are holding, at this moment, Ukrainian territory.” His distinction? Russia may control land factually, but this can never be accepted legally—”in a de jure sense.”

Will Ukrainian voters accept territorial losses? European officials believe Zelenskyy has room to maneuver. A growing number of Ukrainians might stomach surrendering Russian-held land as the price for ending the war.

Trump plans to call Zelenskyy first “out of respect,” then European leaders after meeting Putin. But the constitutional referendum requirement means any territorial deal would need approval from war-weary Ukrainian voters.

The stakes couldn’t be higher. Friday’s Alaska meeting will test whether Trump’s deal-making confidence can bridge the gap between Russia’s maximalist demands and Ukraine’s red lines.