Vladimir Putin told Donald Trump that Russia would end the war if Ukraine surrendered the Donetsk region.
The Russian President said his country would make undefined territorial concessions in favour of Ukraine in exchange for control over the mineral rich region.
Reports have suggested that Russia's concessions would be made in the tiny areas of land Russia controls in Kharkiv and Sumy.
**ARE YOU READING THIS ON OUR APP? DOWNLOAD NOW FOR THE BEST GB NEWS EXPERIENCE**
It is understood Mr Putin has demanded Ukraine's military withdrew from Donetsk as well as Luhansk as the price for ending the conflict.
Mr Putin's demands were outlined by the Mr Trump in a call with Ukrainian President Volodymyr Zelensky as well as a group of European leaders after the peace summit in Alaska.
The details of the summit in Anchorage will cause concern that Mr Zelensky will have to give up territory and accept a number of Russian demands in Mr Trump's attempts to achieve a ceasefire and peace deal.
A European official told The Telegraph the US President was hoping to secure a deal soon.
Vladimir Putin and Donald Trump
|GETTY
"Trump wants this done as soon as possible,” the official said.
However, Mr Zelensky has made clear that he is not willing to discuss giving up territory that is not already Russian controlled.
It comes as Keir Starmer praised the US President for bringing the world closer to peace in Ukraine.
“President Trump’s efforts have brought us closer than ever before to ending Russia’s illegal war in Ukraine,” he said.
Sir Keir Starmer praised Donald Trump
| PA“His leadership in pursuit of an end to the killing should be commended.”
The Prime Minister added that the next step was further talks which involved the Ukrainian President.
"(The) path to peace in Ukraine cannot be decided without him," Mr Starmer said.
In a joint statement, the European leaders set out their conditions for peace between Russia and Ukraine.
Those included "Ironclad" security guarantees for Ukraine.
It also included involvement of the Coalition of the Willing in post-war Ukraine as well as no limitations on Ukraine's army or cooperation with third countries.
The conditions also require no Russian veto on Ukraine joining Nato or the EU.
French President Emmanuel Macron posted on X that after the meeting with Mr Trump, Mr Zelensky and his European partners, his European counterparts concluded that it was essential to "continue supporting Ukraine and to maintain pressure on Russia".
"That any lasting peace must be accompanied by unwavering security guarantees," he added.
Canadian Prime Minister Mark Carney praised his neighbour, Mr Trump, saying in a statement that "I welcome the openness of the United States to providing security guarantees as part of Coalition of the Willing's efforts".