President Donald Trump has offered the potential to resume business with Russia if they are able to make progress towards ending the war in Ukraine, signaling that renewed economic engagement between the U.S. and Russia could be on the horizon should peace negotiations yield tangible results.
“I noticed he’s bringing a lot of business people from Russia, and that’s good,” Trump told reporters aboard Air Force One en route to his meeting with Russian President Vladimir Putin in Alaska on Friday. “I like that because they want to do business, but they’re not doing business until we get the war settled.”
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The prospect of renewed business discussions comes after years of Russia’s near-total estrangement from the global economy following its 2022 invasion of Ukraine, as sweeping sanctions and diplomatic pressure from the U.S., Europe, and allied nations have left Moscow largely isolated from major markets and financial systems.
Read More: Why Trump’s Summit in Alaska Cannot End Putin’s War in Ukraine
But Trump’s suggestion that he might ease economic restrictions and resume business with Russia has drawn sharp criticism from European allies, who warn that any premature normalization could undermine the unified Western stance on sanctions and harm Ukraine’s position in ongoing negotiations.
Some analysts and Congressional Republicans, including Reps. Brian Fitzpatrick of Pennsylvania and Don Bacon of Nebraska, have also warned that such a move risks rewarding Putin’s invasion by effectively legitimizing Russia’s territorial gains and military aggression.
When asked by TIME in the Oval Office on Thursday whether his peace incentives to Russia might inadvertently reward Putin and what message that could send to other potential aggressors, Trump responded: “I don’t see it as a reward.”
The summit on Friday, which Trump referred to as “high stakes,” marks the first face-to-face meeting between the two Presidents since 2019, with its outcome closely watched for any sign that the long-standing conflict may finally begin moving toward resolution. The talks will give Putin a chance to pitch his conditions for peace. The Kremlin has expressed its desire for Ukraine to hand over swaths of its territory—particularly areas in the south and east, which Putin’s army has failed to fully occupy.
Read More: Zelensky on Trump, Putin, and the Endgame in Ukraine
Trump on Friday suggested he would not negotiate on behalf of Ukraine, particularly over whether to engage in territorial swaps with Russia. Ukrainian President Volodymyr Zelensky has repeatedly said he is not willing to cede any territory to Russia, insisting that such a move would “gift their land to the occupier.” European leaders have also warned that giving Russia land could embolden it to invade other countries.
“We are counting on America,” Zelensky said in a social media post on Friday. “The key thing is that this meeting should open up a real path toward a just peace and a substantive discussion between leaders in a trilateral format—Ukraine, the United States, and the Russian side. It is time to end the war, and the necessary steps must be taken by Russia.”
The summit will also give Putin the chance to appeal to Trump’s business interests. Russia’s Finance Minister Anton Siluanov and Kirill Dmitriev, a senior economic negotiator and head of Russia’s sovereign wealth fund, are among those who accompanied Putin to Alaska.
Asked if he would be discussing business opportunities with Russia during the meeting, Trump said: “If we make progress, I would discuss it, because that’s one of the things that they would like; they’d like to get a piece of what I built in terms of the economy.”
Read More: The Secret White House Backchannel That Paved the Way For Trump’s Summit With Putin
It’s unclear what kind of business deals Trump could use as leverage to resolve the war, but the President has previously threatened “severe consequences” if Putin doesn’t agree to end the conflict, including possible secondary sanctions on countries importing Russian oil and gas.
Trump told reporters that he believes “something” will come of the summit in Alaska and praised his relationship with Putin, whose invasion of Ukraine has resulted in tens of thousands of civilians killed and millions displaced.
“Look, he’s a smart guy. Been doing it for a long time, but so have I. I’ve been doing it for a long time, and here we are. We’re President[s],” Trump said on his way to the summit. “We get along. There’s a good respect level on both sides and I think something’s going to come of it.”