The two main issues that look likely to hinder progress in the peace talks are over control of territory in eastern Ukraine and the Zaporizhzhia nuclear power plant.
On Zaporizhzhia, Volodymyr Zelenskyy said: On the issue of territory in eastern Ukraine, Zelenskyy said: Russia's demands for peace have not changed, Kremlin spokesman Dmitry Peskov said on Wednesday, while also noting that Moscow's leadership will convene before responding to the revised plan.
"All the main parameters of the Russian side's position are well known to our colleagues from the United States," Peskov told reporters.
"Now, we will take into account the information received by our head of state to formulate our further positions and continue our contacts... as soon as possible," Peskov said.
Russian officials also confirmed that President Vladimir Putin has received a report on recent meetings between his negotiators and US President Donald Trump's envoys on a peace deal to end the war in Ukraine.
But the issues of what to do with territory in eastern Ukraine and the Zaporizhzhia nuclear power plant remain unresolved.
The new plan states that a ceasefire can only take effect once those two sticking points have been addressed.
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Zelenksyy suggested the new draft could eventually lead to Ukraine pulling troops out of Donetsk once demilitarized zones are established.
"This is a document referred to as a framework – a foundational document on ending the war, a political document between us, America, Europe, and the Russians," Zelenskyy said.
But he said the "most sensitive issues" must be discussed with US President Donald Trump.
"Matters such as territorial questions must be discussed at the leaders’ level," Ukraine's president added.
Zelenskyy presented the new plan during a two-hour press conference with journalists on Tuesday night, witth his comments embargoed until Wednesday morning.
Ukrainian President Volodymyr Zelenskyy has revealed a new 20-point plan to end the war in Ukraine.
The 20-point plan is a revision of a 28-point proposal made by Washington in November, which leaders in Europe and Ukraine considered too conciliatory to Russia's demands.
Kyiv has managed to secure some concessions in the new plan, which comes after intense consultations in recent weeks between negotiators from the US, Europe and Ukraine.
Key points that Ukraine had objected to in the White House's original plan have been addressed, namely Kyiv having to immediately withdraw from the eastern Donetsk region and renounce its NATO membership bid. Also, under the new plan, the land currently occupied by Moscow will not be recognized as Russian.
While Zelenskyy said Ukraine's and Russia's positions had been brought closer on most points, consensus on two key points remains elusive: control of territory in eastern Ukraine and control of the Zaporizhzhia nuclear power plant, the largest in Europe.
President Volodymyr Zelenskyy has revealed a new, 20-point plan to end Russia's war in Ukraine.
The announcement comes after a surge of US-led diplomatic activity in recent weeks.
The plan contains several concessions for Ukraine relative to Washington's original 28-point proposal, which had been seen as too favorable to Moscow.
The unveiling of the new peace plan also comes a day after Russia pummeled Ukraine with hundreds of drones and missiles, killing at least three people and cutting power to thousands across the country.
Stay tuned as we bring you the latest on the efforts to end the nearly four-year war.