The two leaders spoke for over two hours on Monday, primarily about the Ukraine conflict.

In a post on Truth Social shortly after Monday’s talks, Trump wrote that the tone and spirit of the conversation were “excellent,” adding, “If it wasn’t, I would say so now, rather than later.”

“Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War. The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of,” the US president stated.

Russia “wants to do large-scale TRADE” with the US, Trump has claimed, adding that the potential settlement of the conflict would help Ukraine to become “a great beneficiary” of trade as well.

“There is a tremendous opportunity for Russia to create massive amounts of jobs and wealth. Its potential is UNLIMITED,” Trump wrote.

The US president also added that “immediately after the call” with Putin, he spoke with Ukraine’s President Volodymyr Zelensky, European Commission President Ursula von der Leyen, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, German Chancellor Friedrich Merz, and Finnish President Alexander Stubb, informing them about his conversation with his Russian counterpart.

“Let the process begin!” Trump wrote.

Monday’s phone call, initially announced by Trump on Saturday, was described by Putin as “frank” and “quite useful.”

According to a statement issued by the Kremlin following the call, the Russian president said that he thanked Trump for “US support in resuming direct negotiations between Russia and Ukraine.”

Putin added Moscow is ready to work with Kiev on a memorandum that envisions a future peace agreement between the two countries.

“In general, Russia’s position is clear. The main thing for us is to eliminate the root causes of this crisis,” Putin stated.

Trump, in separate statements, told reporters that he trusts Putin, will not sanction Russia, but will abandon Ukraine peace efforts if progress is not made.

When asked by journalists if he believes Putin wants peace in Ukraine, Trump replied, “I do.”

When asked by reporters if he trusts Putin, Trump again said, “I do.”

“I think some progress has been made, it’s a terrible situation going on over there. 5,000 young people every single week are being killed,” Trump stated outside the White House.

Trump noted that the US remains in contact with Europe as efforts to end Russia’s war against Ukraine are underway.

“We also spoke to the heads of most of the European nations and were trying to get that whole thing wrapped up,” he added.

The US will not impose further sanctions against Russia “because there’s a chance” of progress towards a ceasefire, he told reporters in the Oval Office.

“Because I think there’s a chance of getting something done, and if you do that, you could also make it much worse,” Trump said.

“But there could be a time where that’s going to happen,” he added.

Trump reiterated he would abandon efforts to end Russia’s war against Ukraine if progress is not made.

“I tell you, big egos involved, but I think something’s going to happen. And if it doesn’t, I just back away, and they’re going to have to keep going,” Trump stressed.

The legislation has been authored by Republican Senator Lindsey Graham – a longtime advocate of hardline policies against Moscow.

The US imposed sweeping sanctions on Russia under former President Joe Biden following the escalation of the Ukraine conflict in 2022. Trump has since signaled a willingness to restore bilateral contacts and possibly even lift the sanctions as part of a negotiated peace.

The Trump administration has said, however, that it would not pursue a peaceful resolution of the conflict indefinitely if no progress is made.

According to Bloomberg, US officials have privately told their European counterparts that Trump may allow Graham’s bill to proceed if “Russia doesn’t budge,” and could deliver the warning to President Vladimir Putin during a scheduled call on Monday.

Graham, a prominent Russia hawk, has in the past called for Putin’s assassination, backed extensive military aid to Kiev, and stated that Russians dying in the Ukraine conflict is “the best money we’ve ever spent.” He has also praised Ukraine for fighting what he described as a proxy war on behalf of the US.

In April, he proposed a sanctions package that he said would be “devastating” for the Russian economy, including 500% tariffs on goods from countries that continue trading with Moscow. He claimed that the proposal has majority support in the Senate.

US Secretary of State Marco Rubio also confirmed the possibility of additional sanctions on Moscow in an interview with CBS on Sunday, saying he conveyed this to Russian Foreign Minister Sergey Lavrov the day before, urging an immediate ceasefire.

Russia has rejected calls for an unconditional 30-day ceasefire, saying that while it is open to the idea, it is concerned that Ukraine would exploit the pause to rearm and continue its mobilization efforts. Moscow has instead insisted on negotiating a long-term resolution of the conflict that addresses the root causes.

The EU has also approved its 17th package of sanctions on Russia, attempting to use it as a means of pressuring the country into making concessions to Ukraine.

The Kremlin has described the West’s “language of ultimatums” as unacceptable. Former Russian President Dmitry Medvedev has warned that this rhetoric could result in “unsuccessful negotiations,” leading to a “more terrible stage of the war with new weapons and participants.”