Europe, Ukraine ready 12-point plan to end Russia's war: Report

European nations are working with Ukraine on a 12-point proposal to end Russia's war along current battle lines, Bloomberg News reported on Tuesday.

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A peace board chaired by US President Donald Trump would oversee the implementation of the proposed plan, the report said, citing people familiar with the matter.

European leaders called on Washington on Tuesday to hold firm in demanding an immediate ceasefire in Ukraine, with present battle lines to serve as the basis for any future talks. The Russian government has long demanded that Ukraine agree to cede more territory before any ceasefire.

Under the proposal, Ukraine would receive security guarantees, funds to repair war damage and a pathway to rapidly join the EU, Bloomberg reported.

Once Russia follows Ukraine in agreeing to a ceasefire and both sides commit to halting territorial advances, the proposals envisage the return of all deported children to Ukraine and the exchanges of prisoners, the report added.

The two countries would enter into negotiations on the governance of occupied territories, though neither Europe nor Ukraine will legally recognise any occupied land as Russian, according to the report.

Sanctions on Russia would gradually be lifted though some $300 billion in frozen central bank reserves would only be returned once Moscow agrees to contribute toward Ukraine's postwar reconstruction, the report said.

The restrictions would be brought back if Russia attacked Ukraine again, Bloomberg added.