Economy April 29, 2026 01:24 PM

Putin and Trump Speak for More Than 90 Minutes, Discuss Iran, Ukraine and Economic Projects

Kremlin aide says call was 'friendly and businesslike' and covered nuclear, ceasefire and potential cooperation on energy and economic initiatives

By Derek Hwang
Putin and Trump Speak for More Than 90 Minutes, Discuss Iran, Ukraine and Economic Projects

Russian President Vladimir Putin and U.S. President Trump held a phone conversation on Wednesday that lasted more than 1.5 hours, according to Kremlin aide Yuri Ushakov. The aide characterized the exchange as friendly and businesslike and said the leaders discussed Iran's nuclear program, a proposed Ukraine ceasefire and potential economic and energy projects.

Key Points

  • Putin and Trump held a phone call on Wednesday lasting more than 90 minutes; Kremlin aide Yuri Ushakov described it as friendly and businesslike.
  • Discussion topics reported by the Kremlin aide included Iran - with Putin proposing ideas on the country's nuclear program and backing Trump's extension of the Iran ceasefire - and Ukraine, where Putin proposed a ceasefire during May Victory Day celebrations and Trump reportedly reacted positively.
  • The leaders also spoke about potential economic and energy projects, indicating that economic and energy sectors were part of the agenda.

Russian President Vladimir Putin and U.S. President Trump spoke by telephone on Wednesday in a call that extended beyond 90 minutes, the Kremlin said, with aide Yuri Ushakov describing the tone as friendly and businesslike.

Ushakov reported that during the conversation, Putin condemned an attempted assassination on Trump. The aide said the two presidents spent part of the call on Iran, with Putin offering ideas concerning Iran's nuclear program and expressing support for Trump's decision to extend the Iran ceasefire.

On the subject of Ukraine, Ushakov said President Trump indicated he believes a deal to settle the conflict is close. Putin proposed a ceasefire tied to May Victory Day celebrations, and the Kremlin aide said Trump responded positively to that suggestion. Ushakov also quoted Putin as saying that Ukraine had resorted to "terrorist methods."

Beyond security topics, the call included discussion of possible economic and energy projects, Ushakov added, though the aide did not provide further detail on what those initiatives might entail or on any timetable for follow-up.

The Kremlin aide's account provides the available public details on the exchange. Ushakov's summary frames the conversation as covering three principal areas: Iran, Ukraine and prospective economic and energy cooperation. Specific outcomes, agreements or next steps were not listed in the aide's remarks as relayed publicly.

The duration of the call and the breadth of issues raised were highlighted by the Kremlin aide, who emphasized the cordial and businesslike tone. No additional comments from either administration were included in the aide's recap.


Context and next steps

Ushakov's remarks are the source of the public summary of the exchange between the two presidents. The aide's account does not specify concrete measures, timelines or written agreements resulting from the call. Further clarification from either side would be necessary to confirm whether proposals discussed will move into formal negotiations or implementation.

Risks

  • Outcomes remain uncertain because Ushakov's public summary did not specify concrete agreements or next steps, leaving the potential impact on policy or markets unclear - this uncertainty pertains to political and energy markets.
  • Proposals discussed for Ukraine and Iran have not been detailed or confirmed by either side, so the timing and implementation of any ceasefires or nuclear proposals are unknown - this represents a risk to geopolitical stability and related markets.
  • The mention of potential economic and energy projects lacks specificity, creating uncertainty about what, if any, commercial or investment actions might follow - this affects the energy and broader economic sectors.

More from Economy

Yen Holds Near Two-Month High as Dollar Strengthens on Middle East Tensions May 4, 2026 Venezuela’s Monthly Inflation Falls to 10.6% in April, Central Bank Reports May 4, 2026 Customs Agency Says First Electronic Refunds for Trump's Tariffs Could Begin May 12 May 4, 2026 Iran's Araghchi Says Military Action Won't Resolve Hormuz Standoff, Voices Cautious Hope on Pakistan-Brokered Talks May 4, 2026 Westpac’s H1 profit underperforms as margins and credit charges weigh May 4, 2026