Trump and Putin envoys describe Davos Ukraine talks as constructive

Envoys for U.S. President Donald Trump and Russian President Vladimir Putin described a bilateral meeting in Davos as "very positive" and "constructive" after a roughly two-hour discussion focused on Washington’s proposed 20-point peace framework for Ukraine. Participants said the session at the USA House during the World Economic Forum was substantive and that both sides signaled a willingness to continue talks, with a follow-up meeting in Moscow expected.

Trump’s roving envoy Steve Witkoff met with Kirill Dmitriev, a special presidential representative and the chief executive of Russia’s sovereign investment fund, and Trump’s son-in-law Jared Kushner was reported to have attended. Witkoff called the meeting "very positive," while Dmitriev described the dialogue as "constructive" and told reporters that "more and more people are understanding the correctness" or were "realising that Russia’s position is right," depending on the outlet’s wording. Russian officials said they would host Witkoff and Kushner in Moscow at a date to be determined.

The talks centered on a U.S.-led 20-point plan that U.S., Ukrainian and Western officials have been developing as a potential basis for a ceasefire and political settlement. Kyiv has signalled the plan is about 90 percent ready, but Moscow has repeatedly rejected key elements, including proposals for a ceasefire along current front lines and a European-led multinational peacekeeping force. Those sticking points have prevented any agreement even as Washington has pursued separate diplomatic paths with Kyiv and European partners.

The meeting in Davos took place against a crowded diplomatic backdrop. Ukrainian President Volodymyr Zelenskyy was also in Davos and was expected to meet President Trump to sign new security guarantees tied to a potential ceasefire framework. Dmitriev’s presence at the forum attracted attention because the World Economic Forum froze formal ties with Russian entities in 2022; he announced his attendance on X with a graphic referencing the "collapse of globalism" and the "end of the new world order," a move that some diplomats said risked complicating separate Western efforts to coalesce around a negotiated settlement.

Allies in Europe and Kyiv reacted cautiously to the Davos contacts. Some officials voiced concern that pressure from Washington to clinch a deal could translate into demands for Ukrainian territorial concessions, a politically fraught prospect in Kyiv. Analysts warned that Moscow has an interest in delaying negotiations to pursue military gains at lower diplomatic cost, a tactic that has prolonged the conflict and increased humanitarian and economic damage.

The war’s human and economic toll remains acute. U.S. government estimates cited by officials place combined Russian and Ukrainian killed or injured at roughly one million, a figure that underscores the stakes of any diplomatic breakthrough and the scale of reconstruction that Europe and Ukraine would face if hostilities end.

Markets and policy communities will watch whether the Davos exchange produces concrete shifts. A credible path to ceasefire and security guarantees could damp risk premia in energy and defence markets and reduce the long-term fiscal burden on European allies. Conversely, continued diplomatic deadlock would sustain higher defence spending and keep reconstruction liabilities and energy price volatility elevated.

For now, the Davos meeting leaves open the central question: can incremental, off‑stage talks among envoys translate into a negotiated settlement acceptable to Kyiv, Moscow and Western partners? Participants said the next phase of discussions in Moscow will be a key test.