Ukraine Floats Land Swap With Russia As Trump Signals Peace Push

Ukrainian President Volodymyr Zelenskyy is considering offering Russia a direct land exchange to end the nearly three-year war if President Donald Trump brokers negotiations.

The unprecedented proposal reported by the Guardian on Tuesday could shift the geopolitical landscape, but critical details remain unclear, including what Russian-occupied regions Ukraine would demand in return.

In an interview with the British newspaper, Zelenskyy floated the idea of exchanging “one territory for another" with Russia, hinting at a potential swap for the Kursk region, where Ukrainian forces have held ground since a surprise incursion last August.

Yet, he declined to specify what occupied Ukrainian land he would seek in exchange.

Could Trump Broker A Peace Deal?

On Tuesday, the president wrote on Truth Social that he was sending Treasury Secretary Scott Bessent to Kyiv, adding, "This War MUST and WILL END SOON — Too much Death and Destruction."

Trump has repeatedly stated that he has already made progress with Russian President Vladimir Putin, saying the Kremlin leader also wants to end the war, the Guardian reports.

Zelenskyy is preparing to meet U.S. Vice President JD Vance at the Munich Security Conference later this week.

Vance, known for his skepticism of U.S. aid to Ukraine, has previously dismissed the conflict as a low priority. The Ukrainian leader also said he is willing to travel to Washington if a meeting with Trump is confirmed.

On the same day, the Trump administration secured the release of detained American teacher Marc Fogel from Russia in what National Security Advisor Mike Waltz called "a show of good faith from the Russians.”

US Businesses In Ukraine's Reconstruction Plan

Beyond a potential land swap, Zelenskyy is seeking to secure U.S. investment in Ukraine's post-war recovery.

He told The Guardian that American firms would receive lucrative contracts as part of the country's rebuilding efforts.

"Those who are helping us to save Ukraine will [have the chance to] renovate it, with their businesses together with Ukrainian businesses," Zelenskyy said, positioning the economic incentives as a way to align Trump's interests with Kyiv's.

Zelenskyy also dismissed suggestions that European countries could provide Ukraine with security guarantees without U.S. involvement. "Security guarantees without America are not real security guarantees," he said.

Ceasefire Odds Rise, Markets React

The latest developments have fueled speculation that a ceasefire could be in sight. Offshore betting platform Polymarket saw the odds of a ceasefire jump to 66%, while CFTC-regulated Kalshi priced the likelihood of a Trump-Putin meeting this year at 81%.

Markets responded cautiously. Oil prices – as tracked by the United States Oil Fund USO – rose 1.3% on Tuesday, yet remained relatively steady following the news. U.S. natural gas prices – as tracked by the United States Gas Fund LP UNG – were up 2.4%.

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