Speaking to reporters in the Oval Office later on Monday, Mr Trump said he does have a red line on when he’ll stop pushing Moscow and Kyiv for peace – but would not say what it is.
There are “big egos involved”, he said before adding: “This was a European situation, it should have remained a European situation.”
The US president also claimed he asked Mr Putin on their call: “When are we going to end this bloodbath?”
He said of the Russian president: “I do believe he wants to end [the war].”
“My whole life is deals, one big deal, and if I thought that President Putin did not want to get this over with, I wouldn’t even be talking about it because I’d just pull out,” he added.
The US president spoke to his Russian counterpart on Monday as part of a bid to push the two countries towards agreeing a truce in the war.
Image: Donald Trump speaking in the Oval Office on Monday. Pic: AP
In a Truth Social post, published shortly after the call, Mr Trump said Russia and Ukraine “will immediately start negotiations towards a ceasefire and, more importantly, an end to the war”.
Mr Trump continued: “Russia wants to do large-scale trade with the United States when this catastrophic ‘bloodbath’ is over, and I agree.
“There is a tremendous opportunity for Russia to create massive amounts of jobs and wealth. Its potential is unlimited.”
Image: Vladimir Putin at a meeting in Moscow last week. Pic: AP
Ukraine “can be a great beneficiary on trade, in the process of rebuilding its country”, he said.
The Vatican “has stated that it would be very interested in hosting the negotiations”, Mr Trump added. He signed off his post with: “Let the process begin!”
A Russia-Ukraine ceasefire is the one deal Trump can’t seem to seal
For the war that Donald Trump said he’d solve in a day, read the war he couldn’t solve at all.
By posting on Truth Social that an end to the Russia-Ukraine conflict will be negotiated between the two parties, the US president puts distance between himself and the deal he couldn’t seal.
The United States appears to be taking a step back from its stewardship of negotiations, as it leaves both sides to it.
The broker broken? For Trump, certainly, this has been a most intractable negotiation that he has never looked like closing.
He mentions “ceasefire” in his social media post only as a discussion for Russia and Ukraine, not as the call he made for an unconditional cessation of hostilities.
There’s no mention of the frustrations he once threatened at intensive Russian bombing, or of the sanctions he once threatened against Moscow.
Far from it, he speaks of “large-scale trade with the United States when this bloodbath is over”.
He adds that Ukraine can be a trade beneficiary from the country’s rebuilding.
In Kyiv and allied European capitals, they were looking for strong-armed support from Washington.
European leaders had called Trump the day before he spoke to Putin to discuss sanctions and to reinforce their need for US support in steering the Russian leader towards serious engagement.
They will be making further calls to the White House to clarify where they stand now, for fear they stand alone.
Ukraine was never a pet project of Donald Trump.
In his ambitions to reshape the world order, restored relations with Russia has always been a prize as he eyes China as adversary-in-chief.
In the bigger picture, Ukraine has always been a small feature. It shows.
Mr Putin found the call “informative, frank and very useful”, Russian news agency RIA reported.
“A ceasefire in the situation in Ukraine for a certain period of time is possible if appropriate agreements are reached,” the Russian leader reportedly said.
Discussions are ‘positive,’ says Zelenskyy
The US president spoke separately to Ukrainian President Volodymyr Zelenskyy and various European leaders.
At a briefing after the day’s calls had taken place, Ukraine’s leader said he told Mr Trump that Russia “might propose some particularly difficult conditions” for a ceasefire – which could be “a sign that it is the Russian side that is unwilling to end the war”.
Image: Volodymyr Zelenskyy speaks to reporters after his own call with Mr Trump. Pic: Reuters
“I think we are still discussing the very possibility of strong and severe sanctions [on Russia],” he continued. “I don’t yet have an answer to that question.”
Kyiv is considering the possibility of a meeting between “high-level” teams from Ukraine, the US, Russia and some European countries, Mr Zelenskyy said, describing the talks on Monday as “positive”.
He continued: “Such a meeting could take place in Turkey, the Vatican, or Switzerland. We are currently considering these three venues, as all three countries – all three venues – are neutral.”
European leaders and Ukraine have demanded Russia agree to a ceasefire immediately, and Mr Trump has focused on getting Mr Putin to commit to a 30-day truce. The Russian president has resisted that, insisting that conditions be met first.
The Trump-Putin call came as Russia has continued to target Ukraine with attacks.
Moscow on Monday claimed its forces have taken two villages in Ukraine, according to state news agency RIA.
Russia recently began pushing into the Sumy region after claiming it had ousted Kyiv’s forces from Russia’s neighbouring Kursk region.
RIA cited the defence ministry as saying Novoolenivka, in the eastern Donetsk region, and Marine, in Sumy, have now been taken by Russian forces.
Please use Chrome browser for a more accessible video player
4:33
Russia launches war’s largest drone attack
Ukraine’s air force said Russia launched 112 drones over various parts of the country overnight, killing two people and leaving another 13 injured.
On Sunday, Kyiv officials said Russia had launched the largest drone attack of the war so far by firing 273 explosives into Ukraine over the course of Saturday night into the following morning.