The Kremlin confirmed on Monday that Russia and the United States are engaged in discussions on a possible peace settlement for Ukraine and the restoration of bilateral ties, despite U.S. President Donald Trump publicly expressing frustration with Vladimir Putin. Trump’s remarks came after Putin questioned the credibility of Ukrainian President Volodymyr Zelenskiy, prompting the U.S. leader to warn of potential secondary tariffs on Russian oil.

Trump, speaking to NBC News, said he was “pissed off” with Putin but later told reporters that progress toward peace was being made gradually. The Kremlin’s spokesperson, Dmitry Peskov, responded by affirming that Moscow remains open to working with Washington. He emphasized that discussions on Ukraine are ongoing but have yet to yield concrete developments, describing the process as complex and time-consuming.

While no immediate call between Trump and Putin is planned, the Kremlin suggested that a conversation could be arranged on short notice if necessary. Trump has frequently positioned himself as a peacemaker, pushing for an end to the three-year-long war in Ukraine and warning of its potential to escalate into a global conflict. Finland’s President Alexander Stubb, following a meeting with Trump in Florida, remarked that the U.S. president may be the only figure capable of brokering a ceasefire, as Putin both fears and respects him.

Since taking office in January, Trump has shifted the U.S. toward a more conciliatory approach to Russia, raising concerns among Western allies. His frustration over the slow progress toward a ceasefire was evident in his latest warning of economic consequences. He declared that if a peace deal cannot be reached and Russia is deemed responsible for the continued conflict, he would impose secondary tariffs on Russian oil, making it costly for any country to purchase.

Trump’s proposed measures would include a 25% tariff on all Russian oil exports, escalating to 50% in some cases. While oil markets remained stable following his remarks, analysts speculated on the potential implications for global trade. With China and India accounting for about 80% of Russia’s crude exports, Beijing dismissed the threat, stating its cooperation with Moscow is independent of third-party influence, while India declined to comment.

Amid Trump’s peace efforts, discussions on rare earth minerals have surfaced as a potential area of cooperation between Kyiv and Moscow. However, Trump suggested that Zelenskiy might be reconsidering the deal. Meanwhile, Russia and the U.S. have initiated talks on joint rare earth projects, with some companies expressing interest. Peskov acknowledged the discussions but noted that no concrete agreements have been finalized yet.