"European countries are working with Ukraine on a 12-point plan to end the war with Russia on the current front lines, thus creating a counterweight to [Russian dictator] Vladimir Putin's demands to the United States that Kiev must return additional territories in exchange for a peace treaty," the agency's interlocutors said.

According to the plan, the implementation of the plan will be monitored by a peace commission headed by US President Donald Trump, according to Bloomberg.

The plan calls for Moscow and Kiev to exchange prisoners of war and for Ukrainian children to return to Ukraine after both sides agree to a ceasefire.

Ukraine will receive security guarantees and funds for the reconstruction of the war-torn country, and will be offered a path to quickly join the European Union (EU), writes"Bloomberg".

Sanctions against Russia will be gradually lifted, but around $300 billion in frozen Central Bank assets will be returned only after Moscow agrees to contribute to Ukraine's post-war reconstruction efforts.

All sanctions will be immediately reinstated if Russia attacks its neighbor again.

After that, Moscow and Kiev will begin negotiations on the status of the territories.

Details of the plan are still being worked out and are subject to change, the agency said.

According to sources, any proposal will require Washington's approval.