US President Donald Trump said Monday that a highly anticipated telephone call with Russian President Vladimir Putin "went very well," and that Moscow and Kyiv are slated to "immediately" begin negotiations over a ceasefire.

Trump described his two hour call with Putin as "excellent," saying Moscow wants to conduct "largescale" trade with the US after the war ends. He described the potential for commercial relations between the US and Russia as "unlimited," adding that Ukraine "can be a great beneficiary on Trade, in the process of rebuilding its Country."

"Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War. The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of," Trump said in a social media post.

"The Vatican, as represented by the Pope, has stated that it would be very interested in hosting the negotiations. Let the process begin!" he added.

Trump said he briefed Ukrainian President Volodymyr Zelenskyy, European Commission Presidenti Ursula von der Leyen, French President Emmanuel Macron and other European officials of the details of his conversation with Putin shortly after it concluded.

Earlier, speaking at a press briefing in Sochi, Russia, Putin described the conversation with Trump as "frank and substantive," saying the US leader acknowledged what he described as Russia's commitment to a peaceful resolution of the crisis in Ukraine.

"The US president expressed his position on the ceasefire and, for his part, also noted that Russia supports a peaceful settlement of the Ukrainian crisis, we just need to determine the most effective ways to move towards peace," he said.

A truce with Ukraine, Putin said, is possible once relevant agreements are reached, and both Russia and Ukraine must find compromises that are mutually acceptable.

"We have agreed with the US president that Russia will propose and is ready to work with the Ukrainian side on a memorandum on a possible future peace treaty, defining a number of positions such as the principles of settlement, the timing of a possible peace agreement, including a possible ceasefire for a certain time if certain agreements are reached," he said.