Vladimir Putin has held a three hour long "last ditch" talk with the White House special envoy as the deadline for peace in Ukraine looms.

The Russian President met with Steve Witkoff during a last-minute attempt to seek a breakthrough in long and brutal war in Ukraine.

Russia has just two days before the expiry of a deadline set by President Donald Trump to agree to peace in Ukraine or face fresh sanctions.

Kremlin foreign policy aide Yuri Ushakov said the two sides had exchanged "signals" on the Ukraine issue and discussed the possibility of developing strategic cooperation between Moscow and Washington.

However, Ushakov declined to give more details until Witkoff had reported back to President Trump.

Russian investment envoy Kirill Dmitriev, who earlier greeted Witkoff on arrival and was spotted walking with him in a park near the Kremlin, posted on social media: "Dialogue will prevail."

President Trump has threatened to impose heavy tariffs on countries that buy Russian exports as the White House becomes increasingly frustrated with Putin over the lack of progress towards peace.

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In particular, Trump has piled on the pressure with India, which along with China is a major buyer of Russian oil.

The Kremlin says threats to penalise countries that trade with Russia are illegal.

Ushakov, who was present, told Russian news medeia: "We had a very useful and constructive conversation."

He added: "On our part, in particular on the Ukrainian issue, some signals were transmitted. Corresponding signals were also received from President Trump."

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One idea that was floated by Belarusian President Alexander Lukashenko during a meeting with Putin was a moratorium on air strikes by Russia and Ukraine.

While the move would fall well short of the full ceasefire that Ukraine and the US have been pushing for, it would offer some relief to both sides.

Since the talks in May, Russia has carried out its heaviest air attacks of the war, killing at least 72 people in the capital Kyiv alone. Trump last week called the Russian attacks "disgusting".

Ukraine continues to strike Russian refineries and oil depots, which it has hit many times.

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Sources close to the Kremlin said that Putin is unlikely to bow to Trump's sanctions ultimatum as he believes he is winning the war and his military goals take precedence over his desire to improve relations with Washington.

Gerhard Mangott, an Austrian analyst who has met with Putin several times over the years said: "The visit of Witkoff is a last-ditch effort to find a face-saving solution for both sides. I don’t think, however, that there will be anything of a compromise between the two.

"Russia will insist it is prepared to have a ceasefire, but (only) under the conditions that it has formulated for the last two or three years already," he said in a telephone interview.

"Trump will be under pressure to do what he has announced - to raise tariffs for all the countries buying oil and gas, and uranium probably as well, from Russia."

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Debris lies next to train carriages damaged during a Russian drone strike at a railway station in Lozova, Kharkiv

While the sources in Moscow stressed Putin does not want to anger Trump, he realises that he may be spurning a chance to improve relations with Washington while his war goals are more important to him.

Putin's conditions for peace include a legally binding pledge Nato will not expand eastwards, Ukrainian neutrality, protection for Russian speakers and acceptance of Russia's territorial gains in the war, Russian sources have said.

Ukrainian President Zelensky has said Ukraine would never recognise Russia's sovereignty over its conquered regions and that Kyiv retains the sovereign right to decide whether it wants to join Nato.

Trump is expected to speak to Zelensky over the phone later today to discuss Witkoff's meeting.