"There is talk behind closed doors of a deal in which Moscow retains de facto control over the roughly one-fifth of Ukraine it has occupied - though Russia’s sovereignty is not recognized - while the rest of the country is allowed to join NATO or given equivalent security guarantees," the board said.
Under this deal, Ukraine could rebuild and integrate with the European Union, according to the board.
Ukrainian officials have reportedly acknowledged in private that they lack the manpower, weapons and Western support to recover all territory seized by Russia in the conflict.
The report also said Ukraine's allies have been distracted by the escalating tensions in the Middle East, and a potential Trump presidency may also slow the amount of security assistance making its way to Ukraine under the Biden administration.
The Financial Times editorial board further urged President Joe Biden and his European allies to bolster Ukraine's security as much as possible over the next three months in case former President Donald Trump wins the presidential election in November and has plans to cut aid to Ukraine.
Russia's special military operation was launched with the objective to liberate the Donbass region as residents in the people's republics of Donetsk and Lugansk had been living under constant attacks by Ukrainian forces. In the months that followed the launch, residents in the Donetsk, Lugansk, Kherson and Zaporozhye regions voted to join Russia.
Russian President Vladimir Putin previously stated that his conditions for a resumption of peace talks with Ukraine includes the full withdrawal of Ukrainian troops from the four specified regions and a formal renunciation by Kiev of its plans to join the NATO military bloc.