Russian state media confirmed that a meeting between US special envoy Steve Witkoff and President Vladimir Putin is currently underway at the Kremlin, just 48 hours before the expiration of Donald Trump’s ceasefire ultimatum.

Witkoff arrived in Moscow early Wednesday and was later seen walking through Zaryadye Park with Kirill Dmitriev, the Kremlin’s investment envoy. This marks Witkoff’s fifth visit to Moscow this year and fourth known face-to-face meeting with Putin, according to Financial Times and BBC reports.

Witkoff has emerged as Trump’s most visible backchannel to the Kremlin, with more face time with Putin this year than any other known American official.

Trump’s warning: Ceasefire or sanctions

President Trump has issued a 10-day deadline demanding that Russia agree to a ceasefire in Ukraine—or face sweeping sanctions. Originally a 50-day window, Trump cut the deadline in half during a recent visit to Scotland.

“We have a meeting with Russia tomorrow. Let’s see what happens,” Trump told CNBC on Tuesday night. “We’ll make that determination at that time.”

According to The Telegraph, Trump is also considering tariffs up to 100% on countries buying Russian energy—specifically India and China—to target those “fueling Russia’s war machine.”

“I never said a percentage,” Trump said, “but we’ll be doing quite a bit of that.”

Deputy White House Press Secretary Anna Kelly said:

“The President has made it clear: if Putin refuses to end the war, there will be severe sanctions. We won’t get ahead of the President by discussing details.”

Moscow floats “air truce” as concession

According to reporting by Bloomberg and The Telegraph, Putin may propose a limited ceasefire focused on halting missile and drone strikes—an “air truce”—as a gesture toward de-escalation. The offer would depend on Ukrainian agreement and fall short of a full ceasefire.

“Russian officials believe Mr Witkoff’s appearance in the Russian capital will provide Putin with an opportunity to restart talks with the US and head off threats of sanctions,” reported The Telegraph.

The idea was reportedly discussed during a meeting between Putin and Belarusian President Alexander Lukashenko last Friday. Lukashenko later told reporters:

“As for an air ceasefire. I say, yes, Russia is interested in this, President Putin, but you don’t want it,” referring to US envoy Gen. Keith Kellogg. “Tell Zelenskyy to go along with it.”

Zelenskyy welcomes pressure, warns of Russian stalling

Ukrainian President Volodymyr Zelenskyy has publicly welcomed the threat of new US sanctions, saying Russia would only pursue peace when it “begins to run out of money.”

“Their economy continues to decline, and that’s exactly why Moscow is so sensitive to this prospect and President Trump’s resolve,” Zelenskyy said.

The Ukrainian leader also confirmed a “productive” call with Trump this week. They discussed defense cooperation and a new European arms deal, where countries like the Netherlands, Sweden, Norway, and Denmark pledged over $1 billion to fund air defenses and ammunition for Kyiv.

Russia keeps attacking: Energy infrastructure hit overnight

While peace is discussed in Moscow, Russia continues large-scale attacks on Ukraine. On Wednesday, Zelenskyy said a gas facility in Odesa Oblast had been struck by Russian missiles overnight, targeting the village of Novosilske near the Romanian border.

“This was a deliberate blow to our preparations for the heating season—absolutely cynical,” he said on Telegram. “Like every Russian blow to the energy sector.”

The area houses the Orlovka interconnector, a key gas transit point from the Transbalkan pipeline, used to import gas into Ukraine.

Meanwhile, the Kyiv City Military Administration confirmed the death toll from last week’s missile strike had risen to 32—the deadliest attack on the capital since the war began.

Why this meeting matters

This fifth Putin–Witkoff meeting is seen as the final diplomatic window before Trump enacts potentially devastating measures.

“If Witkoff returns empty-handed, Trump will be furious,” a Financial Times source said.

Kremlin spokesperson Dmitry Peskov commented briefly:

“We consider such meetings to be very important, but we don’t comment on them in advance.”