US President Donald Trump (L) and British Prime Minister Theresa May walk at the White House in Washington, DC, January 27, 2017.

Vladimir Putin and Donald Trump demonstrated their intention to assume measures to stabilize and expand cooperation between the two countries on an egalitarian and mutually advantageous basis.

"We'll see what happens", Trump answered.

But even talk of lifting the sanctions on Russian Federation could revive the fight over the nation's hacks of Democratic organizations during the 2016 presidential campaign that Trump has sought to move past.

Trump himself has floated the idea of using the sanctions as a bargaining chip to negotiate nuclear arms reduction - something Russian Federation has seemingly dismissed.

"It is going to be the first telephone contact after President Trump has taken office". "As far as the sanctions, it's very early to be talking about that, but we look to have a great relationship with all countries ideally", he said.

"Our relationship has never been stronger", Trump said, CNN reports. But if we can have a great relationship with Russian Federation and with China and with all countries, I'm all for that.

Trump and Putin agreed to restore "mutually beneficial trade and economic ties" between business communities in both nations and to coordinate US-Russian efforts in order to defeat terrorist organizations in Syria, the statement said.

As for Mr. Putin, Mr. Trump said, "I don't say good, bad or indifferent".

The debate over US sanctions on Russian Federation is taking center stage. In the first presidential debate, Trump had suggested he would consider pulling those bases out of the country if Japan did not up its payments.

Both the Obama administration and Brussels repeatedly stressed the importance of unity on the matter, though cracks have emerged within the 28-member European Union bloc on the usefulness of prolonging sanctions.

Daniel Baer, the former U.S. ambassador to the Organisation for Security and Coordination in Europe (OSCE - which has a role in monitoring the implement of the Minsk agreement), said any move to lift the sanctions would be "a grossly irresponsible action in the context of dealing with an aggressive, revanchist, Kremlin".

Mr Putin's spokesman Dmitry Peskov told reporters that the conversation is scheduled for Saturday.

Trump and Putin last spoke after the November 8 election, when Putin called to congratulate Trump on his victory.