After separate communications with Putin and Zelensky over the weekend, Trump stated, "The issue of Ukrainian territory has not been settled yet."

U.S. President Donald Trump is accelerating efforts to bring an end to the Russia-Ukraine conflict. Although negotiations have achieved substantial progress, major challenges remain regarding key details such as territorial divisions and security guarantees.

According to reports from Xinhua News Agency and CCTV News, on December 28 local time, Trump met with Ukrainian President Zelensky at Mar-a-Lago in Florida. After the meeting, Trump stated that both Russia and Ukraine wish to end the conflict and that negotiations have entered the "final stage," with about 90% of talks concerning territorial issues already completed. He revealed that the U.S. and Ukraine will reach a "very strong" security agreement, and negotiations for this agreement have not set a final deadline.

However, despite Trump's optimism about reaching an agreement, core differences remain. Trump admitted that issues surrounding Ukrainian territorial integrity are "still unresolved," and thorny questions such as the demilitarized zone in Donbas still need to be addressed. In addition, according to Xinhua, in a phone call with Russian President Putin prior to the meeting, the two sides reached a key consensus: using a public referendum as an excuse for a temporary ceasefire would only prolong the conflict.

These intensive diplomatic maneuvers involve not only the reshaping of the geopolitical map but are also closely tied to the vast postwar economic reconstruction market. Trump emphasized that the peace plan will bring "great economic benefits" to Ukraine, including postwar reconstruction opportunities. Currently, the U.S. and Russia have set up dedicated working groups for economic affairs, but arrangements concerning sensitive financial issues, such as whether frozen Russian assets in Europe will be transferred, have not yet been finalized.

Negotiations Entering the "Final Stage"

During the meeting at Mar-a-Lago, Trump presented an urgent sense of ending the conflict to the outside world.

According to CCTV News, Trump indicated that he had promoted the resolution of various conflicts, and the Russia-Ukraine conflict is "the most difficult one," but he is confident that "it can ultimately be resolved." Trump stressed that nothing is more important than ending this conflict and pointed out that Putin is "serious" about promoting peace.

Regarding the specific progress of the negotiations, Zelensky said that 90% of the 20-point "peace plan" formulated by Ukraine and the U.S. has been completed by their teams. Trump revealed that the U.S. and Ukraine teams have held intensive consultations on issues of prosperity and security and have discussed an overall strategic plan to proceed in stages.

The U.S. sent a large delegation to the meeting, including Secretary of State Rubio, Defense Secretary Hegseth, and Trump’s son-in-law Kushner. Trump made it clear that the U.S.-Ukraine security agreement to be reached will involve the participation of European countries, and he plans to communicate further with European leaders after the meeting to continue coordination on related issues.

Territorial and Security Guarantees Remain Divided

Although overall progress has been smooth, specifics remain full of uncertainties. Media reports say that after the meeting, Trump admitted there are still "thorny issues" left in the negotiations. He cautioned that while both sides are converging, it is still too soon to describe it as an agreement reached.

Reports pointed out that the issue of establishing a possible demilitarized zone in Donbas remains "undecided." Xinhua’s report also confirms that Trump stated after the meeting that the Ukrainian territorial issue is still unsettled, although he believes it will eventually be resolved.

On security guarantees, when asked what specific guarantees the U.S. would provide to Ukraine, Trump did not give detailed specifics, stating instead that he wants to "cooperate with Europe" and that Europe should "shoulder a large share of the responsibility." This indicates that Europe's financial and military burden in the Ukrainian security architecture could rise significantly in the future.

Trump Praises Putin's Attitude

Before meeting with Zelensky, Trump had a phone call with Putin lasting about 1 hour and 15 minutes.

According to Xinhua, citing Russian presidential aide Ushakov, the atmosphere during the call was "friendly and pragmatic." Both sides agreed that using a referendum as an excuse for a temporary ceasefire was unworkable because it would only prolong the conflict. Trump assured Putin that he was confident Russia wanted to resolve the crisis politically and diplomatically, and would take Russian interests into consideration during talks with Zelensky.

Other media reports state Trump said Putin had "very generous" feelings toward Ukraine's success and was even willing to supply electricity and other resources at extremely low prices to help reconstruction. Trump also expressed his personal admiration for Putin, mentioning their joint experience during the so-called "Russiagate" accusations in his term, and said Putin wants to see Ukraine "succeed."

Economic Reconstruction and Follow-up Agenda

As negotiations have progressed, economic issues have gradually become the focus. Trump pointed out that failure to reach an agreement would mean prolonged conflict and more casualties, while a settlement would launch the process of Ukrainian reconstruction. According to Russia, Russia and the U.S. are establishing two working groups responsible for security and economic affairs, signaling efforts to build a framework for economic interaction after the conflict.

On the issue of Russian frozen assets that investors care about, Trump stated the related arrangements are "not yet finalized," leaving room for future financial negotiations.

According to plan, Trump will hold another call with Putin after the meeting with Zelensky to discuss the latest negotiation results. Zelensky previously expressed hope for agreement on a framework to end the conflict, including a clear "timeline."

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