Is Putin ready to make peace deal? Here is what might be on his memorandum

Russian President Vladimir Putin is demanding a series of firm concessions from the West for ending the war in Ukraine, Russian sources familiar with ongoing negotiations reported.

Putin’s proposals, described as “non-negotiable” by one source, reportedly include a “written” pledge from Western leaders to halt NATO’s eastward enlargement, effectively blocking Ukraine, Georgia, and Moldova from joining the alliance.

The Kremlin also pushed for Ukraine’s permanent neutrality, a partial easing of sanctions by the west, a solution to the issue of frozen Russian sovereign assets, and protections for Russian-speaking populations in Ukraine.

“Putin is ready to make peace but not at any price,” said a senior Russian official, reported by Reuters.

One of the sources also said that in case the Russian leader realizes he is unable to reach a peace deal on his own terms, he will seek to show the Ukrainians and the Europeans by military victories that “peace tomorrow will be even more painful”.

The conditions emerged just days after a two-hour call between Putin and US President Donald Trump. After the discussion, Putin signalled willingness to explore a ceasefire agreement and said Russia was drafting a memorandum outlining a potential path to peace. However, there’s no timeline for when that draft might be ready.

Meanwhile, Trump, who has long boasted of his rapport with Putin and expressed a desire to end the war, appeared increasingly frustrated, warning the Russian president was “playing with fire” by ignoring calls to halt battlefield advances and open talks with Kyiv.

Sources say Putin has also hardened his position on Ukrainian territory, now demanding full control over four eastern regions claimed by Russia. "Putin has toughened his position," said a Russian source. Russia already holds almost all of Luhansk, more than 70% of Donetsk, Zaporizhzhia, and Kherson regions, plus Crimea, annexed in 2014.

Kyiv and several European capitals have accused Moscow of stalling negotiations while intensifying military operations. Ukrainian President Volodymyr Zelenskyy’s government has remained firm that Ukraine should not be forced to give up its NATO aspirations or sovereign land under threat of war.

NATO has repeatedly maintained its “open door” policy, with a spokesperson declining to respond to the latest claims. “We don’t adjust our principles under pressure,” a NATO official said earlier this year, reiterating the alliance’s stance.

The Kremlin has framed the war, now in its third year, as a response to the West’s failure to address what it calls the “root causes” of the conflict—chiefly NATO’s growth and military support for Ukraine.

While Russia has made recent territorial gains, the war continues to drain both sides. Putin is reportedly worried about growing economic pressures at home, including a weakening oil market, labour shortages, and soaring interest rates. Still, a third source insisted the Kremlin believes Russia can “fight on for years” despite sanctions.

Trump warned in a recent social media post that Putin had “gone absolutely CRAZY” after launching a wave of missile strikes across Ukraine last week. He also hinted at more American sanctions if Russia continues to stall.

Whether this exchange of ultimatums and hardened positions signals a step toward negotiation, or the collapse of any potential peace talks, remains to be seen.