President Donald Trump doubled down on his threat that Russian President Vladimir Putin could face “very severe” economic consequences if he blocks the Ukraine peace process. He reiterated the warning while speaking to reporters aboard Air Force One on his way to Alaska for a high-stakes talk with Putin.

The meeting in Alaska marks the first U.S.-Russia summit since 2021, and is expected to focus on ending Moscow’s war on Ukraine. 

President Donald Trump is expected to meet with Russian President Vladimir Putin in Alaska for a summit on Aug. 15, 2025. ((AP Photo/Mark Schiefelbein) | (Mikhail Metzel, Sputnik, Kremlin Pool Photo via AP) | Fox News Digital)

When addressing the issue, Secretary of State Marco Rubio said that it would “take some time” to work out details of potential territory swaps.

“I think the President’s hope is to achieve some stoppage of fighting so that those conversations can happen. These are highly technical things that take some time to work out,” Rubio told reporters on Thursday.

“We want there to be a peace. We’re going to do everything we can to achieve one, but ultimately it’ll be up to Ukraine and Russia to agree to one,” he added.

On Thursday, Putin hinted that Russia could be open to reaching a nuclear arms deal with the U.S., though it is unclear if that will be on the agenda for Friday. 

The current treaty between the two nations on Measures for the Further Reduction and Limitation of Strategic Offensive Arms, also known as the New START Treaty (Strategic Arms Reduction Treaty), is set to expire in February.