"Putin has to be convinced that it's going to be too costly for Russia to continue," ex-U.S. ambassador to NATO Kurt Volker said.

Konstantin Malofeyev, a Russian tycoon who is subject to western sanctions, told the Financial Times that President Vladimir Putin was likely to reject a peace plan proposal by Trump’s recently nominated special envoy for the conflict, Keith Kellogg.

Russian President Vladimir Putin will likely reject U.S. President-elect Donald Trump’s Ukraine peace deal unless it includes concessions to Moscow, Western-sanctioned Russian tycoon and Kremlin confidant Konstantin Malofeyevsaid in two separate interviews with the Financial Times and Bloomberg.