Key Points

He made the remarks on Friday (local time), ahead of the much-anticipated Alaska talks between him and the Russian President, which will focus on exploring ways to end the Russia-Ukraine war.

"Yes, Russian President Vladimir Putin will face severe economic consequences if he is not interested. I am not doing this for my health. I don't need it. I would like to focus on our country. But I am doing this to save a lot of lives," said Trump.

He made the remarks on board US Air Force One on his way to attend the face-to-face meeting with Russian President Vladimir Putin in Alaska that could determine not only the trajectory of the war in Ukraine but also the fate of European security.

On Wednesday, US President Donald Trump said there would be "very severe consequences" for Russia if President Vladimir Putin didn't agree to end the war in Ukraine during the two leaders' meeting on Friday, as per a report by CNN.

Trump said, "There will be consequences," during an event at the Kennedy Center in Washington.

Earlier today, US President Donald Trump shared a post on Truth Social, where he said, "High Stakes!"

Previously, while speaking to the media, Trump expressed confidence that Putin is now ready to pursue peace. The summit is scheduled for August 15 at Joint Base Elmendorf-Richardson in Alaska.

"I think President Putin will make peace and President Zelensky will make peace," Trump told reporters.

Looking beyond the Alaska talks, Trump outlined plans for a follow-up meeting with Ukrainian President Volodymyr Zelensky, possibly joined by European leaders. He called that session potentially more important than the first.

"We have a meeting with President Putin tomorrow. I think it's gonna be a good meeting, but the more important meeting will be the second meeting that we're having. We're gonna have a meeting with President Putin, President Zelenskyy, me, and maybe we'll bring some of the European leaders along, maybe not," he said.

The talks will focus on exploring ways to end the Russia-Ukraine war, including ceasefire arrangements, prisoner exchanges, arms-control measures, and possible economic or security guarantees.

Trump has vowed to "end the Ukraine war quickly," while Putin is seeking recognition of Russia's territorial gains and relief from Western sanctions. Ukrainian President Volodymyr Zelenskyy has refused to surrender territory and hasn't been invited to the summit.

The summit's outcome could reshape global energy flows and influence India's import strategy. If a peace deal is reached, India might benefit from reduced energy prices and eased trade pressure. However, a breakdown in talks could keep commodity markets volatile and US trade pressure intact.

The meeting's outcome could have significant implications for global markets, with investors awaiting clues about the health of the US economy and potential shifts in US-Russia relations.

As per the White House, several officials are travelling with the US President aboard Air Force One. They include Secretary of State Marco Rubio, Secretary of Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, CIA Director John Ratcliffe, White House Press Secretary Karoline Leavitt and Ambassador Steve Witkoff, amongst others.

- ANI