It would have banned Ukraine from possessing heavy weapons and made it a"permanent neutral state that does not participate in military blocs." It would have limited the size of Ukraine's armed forces to 85,000 soldiers, less than 10% of its current strength, and imposed restrictions on long-range weapons.

The US-backed proposal includes provisions such as the transfer of the entire Donbas region in eastern Ukraine and guarantees that Ukraine will not host foreign troops on its territory, which could make the deal acceptable to Putin.

Putin has made it clear that if Russia's battlefield offensive continues, he will not have to regain Ukrainian-controlled territories through diplomacy, as his forces will eventually occupy them.

Analysts say that ultimately Putin hopes to reach a major geopolitical deal that will ensure his control over Ukraine, working with the United States through European and Ukrainian leaders.

According to the Financial Times, Kiev is doing the right thing by rejecting a plan that calls for surrender without resistance. But if Ukraine continues to resist, the worsening dynamics of hostilities could allow Russia to occupy all of Donbass (or even more) by 2026, removing the main obstacle to a ceasefire and leaving Ukraine with the same result, only on worse terms. Journalist Jamie Detmer previously wrote that the US peace plan, which essentially requires concessions from Russia, may be all Ukraine can hope for.