Ukrainian President Volodymyr Zelensky has indicated openness to a land swap agreement in negotiations with Russia. This comes as US President Donald Trump suggested that a recent American prisoner release by Moscow marked the beginning of the end of the Ukraine war.

Zelensky, who is set to meet US Vice President J D Vance at the Munich Security Conference on Friday, revealed his willingness to exchange Russian-held Ukrainian territories for regions Ukraine seized in a surprise offensive last year.

“We will swap one territory for another,” Zelensky told The Guardian, marking a stark departure from his previous refusal to cede any land occupied by Russian forces. He specifically mentioned Russia’s Kursk region as part of the potential exchange but reiterated that Ukraine would not achieve true security without US backing.

“Security guarantees without America are not real security guarantees,” he emphasised.

Trump calls for Ukraine to share resources in exchange for aid

Meanwhile, US President Trump has proposed leveraging billions of dollars in US assistance to pressure Kyiv into making territorial concessions. In an interview with Fox News on Monday, Trump suggested that Ukraine share its natural resources in return for US financial support.

“I want $500 billion worth of rare earth,” Trump claimed, stating that Ukrainian officials had “essentially agreed” to the proposal. He highlighted Ukraine’s vast reserves of rare earth minerals, oil, and gas, asserting that US investments in the war effort should be repaid.

“They may make a deal, they may not make a deal. They may be Russian someday, or they may not be Russian someday. But we are going to have all this money in there, and I say I want it back,” Trump stated.

His remarks have raised concerns among Ukraine’s allies, with CNN reporting that his statements could be perceived favourably by the Kremlin, which has illegally annexed four Ukrainian regions since launching its invasion.

US diplomatic moves and security conference discussions

As tensions mount, US envoy to Ukraine and Russia, General Keith Kellogg, has announced plans to discuss the administration’s vision for peace in Ukraine at the Munich Security Conference from February 14-16. The high-profile event is expected to serve as a platform for Ukraine’s allies to address the potential consequences of US policy shifts on the ongoing conflict.

Zelensky’s readiness to negotiate territorial swaps and Trump’s controversial statements underscore the complex and evolving dynamics of the war, with both Ukrainian and American leadership navigating the delicate balance between diplomacy, security, and economic interests.

(With inputs from syndicated feed)