Putin's first statement after the conversation with Trump: "We are ready..."

"We agreed with the President of the United States that Russia will propose and is ready to cooperate with the Ukrainian side on a memorandum regarding a possible future peace agreement with the definition of a number of positions, such as, for example, the principles of settlement, the time frame of a possible peace agreement and so on, including a possible ceasefire for a certain period if relevant agreements are reached," Putin told reporters.

He pointed out that it is necessary for Russia and Ukraine to find compromises that would be satisfactory for all parties.

"The question is, of course, that the Russian and Ukrainian sides show the maximum desire for peace and find compromises that suit all parties," the head of state told reporters.

Putin pointed out that Russia's position is clear.

"The main thing for us is to remove the root causes of this crisis," the president emphasized.

Tanjug/Vyacheslav Prokofyev, Sputnik, Kremlin Pool Photo via AP

He added that "in the conversation, Trump expressed his position on ending hostilities in Ukraine."

"Russia supports a peaceful resolution of the Ukrainian crisis. For my part (in a conversation with US President Donald Trump - ed. a.) I mentioned that Russia also supports a peaceful resolution of the Ukrainian crisis," Putin said.

Putin called the phone conversation with US President Donald Trump significant, sincere and very useful.

"I would like to note that the conversation was very informative and very honest. And in general, in my opinion, very useful in this regard," Putin said.

He added that the contacts between the participants of the meeting and negotiations in Istanbul have continued, and this gives "a reason to believe that, in general, we are on the right track".