However, as Trump claims the Arctic nation is needed for U.S. security, Russian officials are now touting the idea that Washington and Moscow could expand economic cooperation in the Arctic. 

“We are open to considering different investment opportunities that we can do jointly with the U.S., in certain sectors approved by the Russian government,” Putin’s envoy for foreign investment and economic cooperation, Kirill Dmitriev, said according to the BBC report, which also noted the Kremlin official has already been in “direct talks” with the U.S.

“We are open for investment cooperation in the Arctic. That could be in logistics, or other areas beneficial to Russia and to the U.S.,” Dmitriev added. “But before deals can be done, the war in Ukraine needs to end.”

Russia has stalled U.S. attempts to secure a ceasefire in Ukraine by laying out conditions European nations have made clear they will not agree to, like lifting sanctions and booting Ukrainian President Volodymyr Zelenskyy from office – which security experts have long warned is Putin’s chief aim to cement control over the former Soviet nation.

Then-Sen. J.D. Vance and his wife Usha Chilukuri Vance look on as he is nominated for the office of vice president on the first day of the Republican National Convention at the Fiserv Forum on July 15, 2024 in Milwaukee. ( Anna Moneymaker/Getty Images)

Putin reiterated this goal during his address from the Arctic and said, “We could, of course, discuss with the United States, even with European countries, and of course with our partners and friends, under the auspices of the UN, the possibility of establishing a transitional administration in Ukraine.”

It remains highly unlikely Ukraine or its European partners, including France and the U.K. who sit on the UN Security Council, will agree to Putin’s conditions. 

Anders Hagstrom contributed to this report.