(MENAFN- UkrinForm) That is according to Bloomberg, Ukrinform reports.

Ukraine and its European allies will insist that discussions with Russia on any territorial swaps can only take place once the war ceases along the current line of contact, according to people familiar with a counter-proposal.

Their response to the U.S. 28-point plan asks for a security guarantee from Americans that mirrors NATO's Article 5 mutual-defense clause and demands that frozen Russian assets be used to reconstruct and compensate Kyiv, according to the people who spoke on condition of anonymity to discuss private deliberations. They reject Moscow's demands that Kyiv cede unoccupied territory in the east.

Furthermore, the U.S. would be compensated for the robust guarantees it provides and Russian assets would stay frozen unless Moscow agrees to pay for the damage it has caused.

Other sanctions would be lifted in phases and Russia would be progressively let back into the global economy if it abides by the deal.

Read also: European Commission president outlines key elements of peace settlement in Ukraine

The European response comes as U.S., Ukrainian and European national security advisors are meeting in Geneva on Sunday to discuss a U.S. plan with President Donald Trump continues to push for a quick deal.

Earlier, U.S. media reported that the Trump administration had held secret consultations with the Kremlin to develop a new plan to stop the war in Ukraine. Axios reported that the plan consists of 28 points and is divided into four broad categories: peace in Ukraine, security guarantees, security in Europe, and the future of U.S. relations with Russia and Ukraine.

According to media reports, Kyiv is expected to give up Ukrainian-controlled areas of Donbas, reduce its army, and relinquish a significant portion of its weaponry. The plan envisages that the transfer of the remaining territories of Donbas would take place in exchange for U.S. security guarantees for Kyiv and Europe, though the mechanism for these guarantees is not clearly defined.

U.S. lawmakers said that during their conversation with Secretary of State Marco Rubio, he described the U.S. peace plan as a "wish list" for the Russians rather than a genuine proposal from Washington. Rubio later denied this, stating that the "peace proposal was authored by the U.S."

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