US President Donald Trump said on Thursday that "big progress" had been made in a phone conversation with Russian President Vladimir Putin and that they had agreed to meet in person in Hungary.

The phone call, the first since August, was "productive," and representatives from Washington and Moscow would meet next week, he said.

Trump did not confirm the exact date of his meeting with Putin in Budapest.

The Kremlin said it would "quickly" begin preparations for the leaders' meeting after a "very frank and sincere" phone call.

The conversation came a day before Ukrainian President Zelensky is due to visit the White House.

Trump is considering arming Ukraine with Tomahawk missiles. The missiles could reach deep inside Russia's borders.

Zelensky said upon his arrival in the US that Moscow "is in a hurry to resume talks as soon as it hears about the Tomahawk."

Following the phone call, Trump wrote on the social media platform Truz, "We spoke extensively about trade between Russia and the United States after the war with Ukraine ends."