Overview

• President Trump's special envoy, Keith Kellogg, is set to discuss a potential Ukraine-Russia peace plan at the Munich Security Conference next week, though no formal plan has been announced yet.
• The proposed strategy may involve freezing the conflict along current lines, leaving Russia in control of about 20% of Ukrainian territory, with security guarantees for Ukraine to prevent future aggression.
• Ukrainian President Zelenskyy has shown a willingness to consider territorial concessions in exchange for NATO membership or other security assurances.
• Kellogg emphasizes a multi-faceted approach, combining military, economic, and diplomatic pressures to end the nearly three-year-long war.
• The Trump administration has also floated leveraging Ukraine's rare earth minerals as part of negotiations, while rejecting demands for Ukraine to reacquire nuclear weapons.