Moscow's account of the conversation says Donald Trump told Vladimir Putin that if the fighting in Ukraine wraps up swiftly, it could clear the path to bring back full trade and economic relations between Washington and Moscow. Kremlin aide Yuri Ushakov said the two spoke for exactly one hour on Tuesday, calling the exchange "constructive and very candid," and noted Trump emphasized he wants the war to finish "as soon as possible."
According to Ushakov, Putin provided an "objective and thorough" rundown of what Russia terms its special military operation. Ushakov also said Putin laid out how Washington could help speed a halt to combat, and he rejected claims that Russia poses a threat to European countries. According to Ushakov, Trump said that bringing Russia's full-scale invasion of Ukraine to a rapid close "would immediately open up impressive and far-reaching prospects for relations between the US and Russia to be fully restored."
CNBC sought comment Wednesday morning, but a White House spokesperson did not respond right away.
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Trump and Putin discussed the outcomes of U.S. envoys Steve Witkoff and Jared Kushner's recent trips to Moscow and Kyiv, a bid to restart stalled peace talks. After pausing over the weekend to accommodate a visit by U.S. peace negotiators, Russia restarted aerial assaults on major Ukrainian cities.
On Wednesday, Ukrainian President Volodymyr Zelenskyy said there has been "too little response" from other nations to the newest deadly attacks. He has been warning about the winter ahead and urging more help from allies, including urgently needed interceptor missiles. Meanwhile, Russian forces have stepped up missile barrages against Ukrainian cities, and Kyiv is running short on air-defense systems.
Tass counted it as the fifth time this year that Putin has spoken with Trump by phone, and as the 15th since Trump took office in early 2025. On the ground, Ukraine has been pushing long-range drone operations against Russian oil refineries and logistics hubs, aiming to raise Moscow's costs and test Putin's resolve more than four and a half years into the conflict.
When one side publicly ties ending the war to reopening trade, markets pay attention. If the Witkoff and Kushner efforts gain traction and the tempo of strikes shifts, keep an eye on any concrete steps on trade or economic ties between Washington and Moscow. That is where policy changes could ripple into energy, commodities, and shipping prices you actually see.
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