U.S. envoys asked if Ukraine would trade Donbas for NATO entry, Zelenskyy says

What Zelenskyy said in Kyiv

Speaking to reporters in his Kyiv office late Friday, President Volodymyr Zelenskyy said U.S. peace envoys, for the first time, raised whether Ukraine might concede the Donbas - specifically Donetsk and Luhansk - for NATO membership. "We are discussing with our partners a comprehensive security package that could be offered to us in the negotiations."

He said Washington's proposal bundles guarantees from NATO and the European Union, sustained support to keep Ukraine's military well-manned, armed and financed for a set timeframe, plus a reconstruction program with clearly earmarked funding sources.

Zelenskyy said Kyiv is seeking guarantees modeled on NATO's Article 5 as an "absolute minimum." According to him, U.S. officials replied that "it could be something similar to Articles 4 and 5 of NATO," and he wants more clarity.

Inside the talks

As February approaches and the conflict between Ukraine and Russia nears the end of its fifth year, President Donald Trump's administration is seeking a breakthrough in the talks it is facilitating. Earlier this week in Abu Dhabi, U.S. envoys Jared Kushner and Steve Witkoff met Ukrainian and Russian counterparts. All parties reported movement, as Kyiv and Moscow agreed to a large swap of prisoners of war, even though territorial questions remain far from resolved.

At a follow-up session in Moscow on Thursday, Russian President Vladimir Putin informed Witkoff and Kushner that any foreign troops on Ukrainian soil would endanger Russia's security and would not be acceptable. The Kremlin has repeatedly maintained that NATO's post-Soviet-collapse expansion into Eastern Europe imperils Russian security, and it has pointed to that as one justification for the 2022 invasion of Ukraine.

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Russia also consented to European Union representatives taking part in the talks, and Zelenskyy said the bloc plans to settle on its envoys before the month is over.

The practical friction

Zelenskyy said Kyiv faces periodic pressure from Washington to accept terms it views as unfavorable. He pointed to restrictions on Starshield, SpaceX's satellite-based military communications system, noting that terminals are presently constrained in Russian-occupied areas of Ukraine, which makes it harder for air defenses to stop drones and missiles from arriving in other areas.

What this could mean for investors

Security guarantees, possible troop deployment red lines and reconstruction funding are now being discussed alongside potential territorial concessions. The bottom line: a credible guarantees framework or a significant POW exchange could lower near term uncertainty around Ukraine's defense posture and EU involvement, but Starshield limits highlight operational risks that can spill into energy, defense and European risk assets.

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