The draft of the peace plan they have been discussing has been shared publicly by a Ukrainian opposition politician, and has also been confirmed by a White House official, the BBC's US partner CBS News reports.

Here's how the 28-point proposed plan would work:

• Immediate ceasefire: This would take effect straight away if both sides agree to the deal
• Ukraine would give up its eastern regions: Russia would hold onto much of the Ukrainian territory that it currently occupies - Crimea, Donetsk and Luhansk - and those areas would be recognised by the US as de facto Russian territory. Russia would also take over some Ukrainian-held areas
• No Nato membership for Ukraine: Kyiv would renounce its aspirations to join the Atlantic alliance - which are currently enshrined in its constitution. The path to become a EU member state, however, would remain open
• A military cap for Kyiv: The country's military would be capped at 600,000 people
• A guarantee from the US: If Russia re-invades Ukraine, it would trigger a "decisive co-ordinated military response" and the reinstatement of sanctions on Moscow
• Ukrainian elections: This would need to be held within 100 days. Ukraine had elections scheduled, external for early 2024, but they were delayed due to the war
• Economic guarantees: The plan calls for a recovery plan for Ukraine, whose economy has been devastated by years of war. Some $100bn (£76.4bn) in frozen Russian assets would be invested in Ukraine, while Russia would begin negotiations for lifting the hefty sanctions it has faced since the invasion began

We'll bring you more from Volodymyr Zelensky's address shortly but he has also been speaking with the US vice president, the BBC's US partner CBS News confirms.

Citing a Ukrainian official, CBS White House producer Kristin Brown writes on X: "Vance and Zelensky spoke today about the proposed peace plan."

Zelensky also says that next week Ukraine will face "a lot of pressure... to weaken us, to make divide us", adding that "the enemy is not sleeping".

He also urges Ukrainians to stay united in the face of such pressure.

"Ukraine's national interest must be taken into account," he says, adding that "we're not making loud statements; we'll be calmly working with America and all the partners."

"We'll have a constructive search for solutions with our main partner," Zelensky stresses, referring to the US.

"I will be making arguments... offering alternatives," he adds.

Image source, Telegram

In his 10-minute address to the nation, Zelensky warned that Ukraine might face a "very difficult choice: either losing [its] dignity, or risk losing a key partner", an apparent reference to the US, which is reportedly pushing Ukraine to accept a plan to end the war with Russia - which launched a full-scale invasion of its neighbour in February 2022.

The Ukrainian president also says that "today is one of the most difficult moments in our history".

We can now bring you some more comments from President Zelensky's address to the nation, which he made from outside the presidential palace in Kyiv.

Ukraine, he says, will propose "alternatives" to the plan put forward by the Trump administration.

"I will present arguments, I will persuade, I will propose alternatives," Zelensky says.

Recalling how he marshalled Kyiv's response to Russia's full-scale invasion in February 2022 he adds: "We did not betray Ukraine then, we will not do so now."

Image source, Reuters

As speculation about the US-proposed peace plan grows, Moscow says it's yet to receive anything official from Washington on the actual proposition.

The widely leaked US plan includes proposals that Kyiv had previously ruled out, such as ceding areas of the eastern Donetsk region that it still controls, reducing its army in size, and pledging not to join Nato.

"We are seeing some new elements, but officially we haven't received anything. There has been no substantive discussion of those points," Kremlin spokesperson Dmitry Peskov has said.

He adds that Russia remained "completely open to peace talks".

The draft plan has emerged as Russia claims small territorial gains in eastern Ukraine and Zelensky faces a domestic crisis implicating top officials in a $100m (£76m) corruption scandal.

Welcome to our coverage of some breaking news coming out of Kyiv - where Volodymyr Zelensky has just addressed the nation saying Ukraine is "at one of the most difficult moments" in its history.

Zelensky says Ukraine faces a choice of losing its major partner - the US - or the country's dignity.

He stresses that he won't betray his country's national interests.

It comes as the Ukrainian leader faces pressure to agree to the Trump administration's 28-point peace plan for ending the war, which include a number of red lines for Kyiv.

Stay with us and we will bring you the latest reaction, analysis and break down what it all means.