The United States of America initially proposed a 28-point plan aimed at ending the conflict.
According to media reports, the draft agreement from Washington envisions Ukraine ceding territory and making additional concessions.
President Volodymyr Zelensky said Russia lacked the strength to mount large-scale new offensives, citing heavy troop losses after more than three and a half years of war.
Mr Zelensky also criticised China for hosting Mr Putin during his recent four-day state visit.
Since launching its full-scale invasion in 2022, Russia controls some 20 per cent of Ukraine.
Mr Trump made the threat before the end of a deadline he set for Russia to reach a ceasefire between Moscow and Kiev.
Mr Zelensky has repeatedly expressed the hope of ending the war on Ukraine’s terms during 2025.
There were initially no reports of casualties or damages.
Ukrainian lawmakers voted on Tuesday by a large majority to ban the Russian-linked Orthodox Church.
The Wagner mercenaries supported them over a week ago.
