Russian President Vladimir Putin has proposed direct peace negotiations with Ukraine, suggesting a meeting in Istanbul on May 15 without preconditions. This initiative aims to address the ongoing conflict that began with Russia's invasion of Ukraine in February 2022, which has resulted in significant military and civilian casualties and widespread displacement.

The conflict has led to approximately 400,000 Ukrainian military casualties and over 12,000 civilian deaths. On the Russian side, there have been more than 700,000 military casualties and 368 civilian fatalities. The invasion has also displaced over 10 million Ukrainians, representing 23% of the pre-invasion population.

In his recent proposal, Putin emphasized Russia's readiness to engage in serious discussions without preconditions, aiming for a long-term, sustainable peace rather than a temporary pause for rearmament. He criticized Western powers for pressuring Ukraine into rejecting previous ceasefire offers and accused Kyiv of prioritizing political ambitions over peace. Putin reiterated Russia's conditions for peace, including Ukraine's neutrality, exclusion from NATO, and withdrawal from four contested regions.

Ukraine and its Western allies, including the EU, US, UK, and Norway, have proposed an "unconditional ceasefire" to end the ongoing war. Ukrainian President Volodymyr Zelenskyy emphasized the need for a comprehensive truce encompassing air, sea, and land, with US-led monitoring. Should Russia reject the proposal, harsh new sanctions targeting energy and banking sectors are planned. European leaders have warned of intensified sanctions against Russia's energy and banking sectors should Moscow refuse the ceasefire.

The prolonged conflict has had devastating social and economic impacts on both nations. Ukraine has experienced a 22.6% decline in GDP since 2022, with a budget deficit of 20.4% of GDP, excluding grants. The Ukrainian hryvnia has depreciated by 28% since the invasion. Infrastructure damage is extensive, with 64% of electricity generating capacity destroyed or occupied. Russia's economy has grown by 5.6% since 2022, but the ruble has depreciated by 26%, and the country faces a budget deficit of 2.1% of GDP.

The proposed talks in Istanbul represent a potential turning point in the conflict. However, skepticism remains regarding Russia's commitment to genuine peace efforts, given the complexities of previous negotiations and ongoing hostilities. The international community continues to monitor the situation closely, emphasizing the need for a comprehensive and lasting resolution to the conflict.