Kremlin briefing outlines limited swap concept for occupied lands On 24 December 2025, President Vladimir Putin addressed senior Russian businessmen in a late‑night Kremlin meeting, indicating openness to exchanging some Ukrainian territory currently held by Russian forces while unequivocally demanding control of the entire Donbas region [1]. The briefing, reported by Kommersant, framed any concession as a “partial exchange” outside Donbas rather than a broad territorial trade. Putin presented the idea as a staged concession designed to facilitate broader peace negotiations.

Donbas remains the non‑negotiable cornerstone of Russia’s demands According to the same report, Putin reiterated that no portion of the Donbas would be offered in any swap, positioning it as the core of Russia’s territorial claim [1]. He contrasted this rigidity with a willingness to discuss adjustments elsewhere, implicitly referencing Russian‑held areas such as Crimea, Zaporizhzhia, and Kherson as the baseline for any future map changes. The article notes that Russian estimates still list control over these regions and smaller adjacent zones, underscoring the high stakes of any proposed exchange.

Zaporizhzhia nuclear plant proposed for joint Russian‑U.S. management During the briefing, Putin highlighted the Zaporizhzhia nuclear power station as a potential joint‑management project involving Russia and the United States [1]. He also mentioned American interest in establishing cryptocurrency mining operations near the plant, suggesting the facility could partially supply electricity to Ukraine under a cooperative framework. This proposal links security considerations with economic incentives, adding a novel dimension to the territorial discussion.

Ukrainian‑U.S. talks inch toward 20‑point plan but stall on Donbas President Volodymyr Zelenskiy later reported progress in Miami negotiations with a U.S. delegation, noting that the parties were close to finalising a 20‑point peace framework [1]. However, both Kyiv and Washington remain unable to reach agreement on ceding any part of the Donbas or on the status of the Zaporizhzhia plant. The deadlock highlights the persistent tension between diplomatic momentum and the entrenched territorial positions of the involved sides.