WASHINGTON/KYIV/MOSCOW/BUDAPEST - US President Donald Trump on Friday set Nov 27 as the deadline for accepting a 28-point peace plan proposed by his administration to end the Russia-Ukraine conflict.

"I've had a lot of deadlines, but if things are working well, you tend to extend the deadlines," Trump told Fox News Radio. "But Thursday is it - we think an appropriate time."

Ukraine was losing land and "will lose in a short period of time," he said.

The current draft plan contains 28 points, including major territorial concessions by Ukraine and sharp reductions in its armed forces, according to US media reports.

Following a phone call with US Vice-President JD Vance, Ukrainian President Volodymyr Zelensky said Friday on X that the Ukrainian side "agreed to work together with the US and Europe at the level of national security advisors to make the path to peace truly doable".

On Thursday, Zelensky announced that the US side presented him with a plan aimed at ending the conflict.

In an address to the nation, he stressed his country is facing "one of the most difficult moments" in its history over the US-proposed peace plan.

"We are now in one of the most difficult moments in our history. The pressure on Ukraine is at its heaviest. Ukraine could now face a very difficult choice: either the loss of dignity, or the risk of losing a key partner. Either the difficult 28 points, or an extremely difficult winter," he said.

The next week will be very challenging and full of events, Zelensky said, noting that he plans to propose alternatives to amend the US plan and that Ukraine's interests must be taken into account in the document.

Zelensky stressed that he will present arguments, persuade, and offer alternatives but will not give the enemy any reason to claim that Ukraine does not want peace.

During a joint phone call with French President Emmanuel Macron, British Prime Minister Keir Starmer, and German Chancellor Friedrich Merz, Zelensky wrote on X that the participants of the talks coordinated their next steps and agreed that their teams will work together.

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"We are coordinating closely to make sure that the principled stances are taken into account," he said.

Rustem Umerov, secretary of Ukraine's National Security and Defense Council, said Friday that the Ukrainian and US delegations held a meeting to discuss ways for achieving peace in the Russia-Ukraine conflict.

"We discussed approaches to restoring a just peace, the sequence of next steps, and realistic formats for further dialogue," Umerov said on Facebook.

Ukraine is carefully studying every proposal from partners, he noted.

Putin: Ready to discuss new peace plan

Meanwhile, Russian President Vladimir Putin said his country is ready for a substantive discussion of the details of the US-proposed peace plan.

Putin said Russia has received the plan through existing channels of communication with the US administration. It could form the basis of a final peace settlement, but the text has not been discussed with Russia in detail, he added.

Putin noted that Moscow is ready for "peace talks and peaceful resolution of problems", as well as "a substantive discussion of all the details of the proposed plan".

Russia-Ukraine talks have stalled since the meeting between Putin and Trump in August in the US state of Alaska. 

Orban rejects EU's 135-billion-euro initiative for Ukraine

Separately, Hungarian Prime Minister Viktor Orban said on Friday that he has rejected European Commission President Ursula von der Leyen's request for member states to contribute funds to support Ukraine.

Speaking on public radio Kossuth, Orban said he has drafted a reply letter to the European Union chief, adding that Hungary will outline the reasons for declining the proposal and offer alternatives. He also said that Brussels must change course on its approach to the Russia-Ukraine conflict: "The essence of my proposal is that we must turn back from a path that has proved to be a dead end in European politics."

He further said that von der Leyen's appeal, sent to all 27 EU leaders earlier this week, calls for a rapid agreement in December on how to cover Ukraine's projected 135.7-billion-euro ($156.3 billion) military and financial needs for 2026-2027.

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Von der Leyen describes the funding challenge as "particularly acute", and outlines three options: voluntary bilateral contributions, joint EU borrowing backed by national guarantees, and a reparations loan based on Russia's immobilized assets.