Vladimir Putin has said Donald Trump is "too good" for the Nobel Peace Prize, which he believes has "lost credibility".

The Russian President hit out at the Nobel committee, which snubbed the US President of the award.

The Norwegian body gave its peace prize to Venezuelan opposition leader María Corina Machado on Friday, who has openly campaigned for the accolade.

Mr Putin defended his US counterpart, saying the Nobel committee's "credibility has largely been lost".

Without naming names, the Russian President said: "There've been cases when the Nobel committee awarded the prize to people who've done nothing for peace. That's damaged the prize's prestige."

While avoiding saying that the US President should get the prize, he noted that Mr Trump "is really doing a lot to solve crises that have lasted years, in some cases decades".

Mr Putin said that the US President "is aiming for peace" in Ukraine, adding "the most striking example" of his peacemaking efforts "is the situation in the Middle East".

The US President announced that Israel and Hamas have "signed off on the first phase" of a deal to end the war in Gaza, with a ceasefire currently in effect.

Donald Trump appeared to be have been snubbed of the award

The Russian President added: "If Donald succeeds in accomplishing everything he's aiming for, everything he's talked about and trying to do, it will be a historic moment."

Ms Machado, a 58-year-old industrial engineer who lives in hiding, claimed the award for her "tireless work promoting democratic rights for the people of Venezuela".

Nobel Committee Chairman Jørgen Watne Frydnes said Ms Machado "has spoken out for judicial independence, human rights, and popular representation".

Four US Presidents have previously won the peace prize, with Barack Obama being the most recent.

Jimmy Carter, Woodrow Wilson and Theodore Roosevelt complete the set, with no British Prime Minister ever winning the award.

Mr Trump has been pursuing peace in Ukraine since coming to power, with Mr Putin saying that he and the US President had been discussing ways to settle the war.

The Russian President said: "On the whole, we have an understanding, both on the part of the United States and on the part of the Russian Federation, about where we should move and what we should strive for in order to end this conflict."

Mr Putin told the US President he needed more time to think and discuss with Russia's allies.

Vladimir Putin said he and Mr Trump 'have an understanding'

He explained: "These are complex issues that require further analysis, but we remain committed to the discussion that took place in Anchorage.

"Perhaps we can still accomplish a lot based on the agreements and discussions in Anchorage."

Mr Putin voiced hope that Moscow and Washington would agree to extend the 2010 New Start arms reduction treaty, limiting each country to no more than 1,550 deployed nuclear warheads.

When questioned about the Russian President's proposal in September, Mr Trump said it "sounds like a good idea to me".