Speaking to a London think tank, Volodymyr Zelensky said that was the minimum that his country could accept.
He said he was the leader of "Ukraine, not a mini-Ukraine". But he did not mention Crimea, annexed by Russia in 2014.
Russia is currently battling to take full control of the city of Mariupol.
There are still Ukrainian forces along with some civilians in the south-eastern city's vast Azovstal steelworks, which has been subjected to a furious Russian onslaught.
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