Trump holds back economic talks, warns of severe consequences

Russia expects something solid to come out of today’s summit between President Vladimir Putin and U.S. President Donald Trump. The two leaders are meeting for the first time in six years at a military base near Anchorage, Alaska, and the Kremlin is not looking for symbolic gestures. Moscow wants actual outcomes, especially when it comes to Ukraine, NATO, sanctions, and the economy.

Trump made it clear on his way to Alaska that Russia won’t be getting any business deals from the U.S. unless there’s progress on ending the war in Ukraine. Speaking on Air Force One, Trump told reporters he’s aware Putin wants economic talks, but “they’re not doing business until we get the war settled.”

He said he’s open to discussing deals if there’s forward movement, but added that Ukraine has the final word on territorial matters. “We’ll talk about land, but Ukraine has to agree,” he said.

The summit starts with a private one-on-one at 11:00 a.m. local time, followed by a broader session with five officials on each side, and ends with a press conference before Trump flies back to Washington by 5:45 p.m.

Trump holds back economic talks, warns of severe consequences

Trump is locking down any chance of economic talks unless Putin shows he’s serious about changing course. While the Kremlin sent a delegation of Russian business figures to the summit, Trump said that doesn’t mean much unless there’s real change. “I noticed he’s bringing a lot of business people from Russia, and that’s good,” Trump said. “But we’re not talking business until the war is over.”

He also gave a warning. If Putin keeps dragging out the war, Trump promised economic consequences that would hurt. That includes threats of new tariffs targeting buyers of Russian crude oil, like China and India. Russia’s war economy is already under pressure, and further U.S. action could cut deeper.

Putin, trying to show cooperation ahead of the summit, called Trump’s efforts “energetic and sincere” on Thursday. But Trump wasn’t handing out praise. He referred to Putin as “a smart guy” and made it clear that playing games won’t get him anything. If Putin doesn’t step up with actual movement toward a resolution, there won’t be talks, deals, or relief.

Putin may freeze war if NATO backs off, Ukraine says no deal

Putin, facing internal pressure, may be ready to make a limited offer. People familiar with Kremlin planning say Putin could agree to freezing the conflict where it stands, but only if the West guarantees NATO stops expanding and rolls back some sanctions. Putin’s team wants a legally binding promise that NATO won’t keep moving east. But NATO’s already said that Ukraine’s future is inside the alliance, not outside it.

Meanwhile, Russia has floated another offer. With the last remaining nuclear arms deal set to expire in February, Putin is now open to a new agreement. That’s something Trump would probably want, but it’s clearly a bargaining chip, not a goodwill gesture.

Ukraine’s not impressed. President Volodymyr Zelenskiy said Putin is “playing for time” to dodge U.S. secondary sanctions. He also ruled out any deal that involves giving up territory. Kyiv wants a U.S.-backed security guarantee instead, though no one’s sure what that would even mean or how it would work in practice.

On Friday, several Ukrainians in central Kyiv told Reuters they weren’t hopeful about the summit. Many believe Putin is just stalling while trying to reduce pressure from Washington. And until something changes on the battlefield or in the negotiations, Ukraine doesn’t think the summit will mean much.

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