MOSCOW -- Russia is ready to work on a memorandum with Ukraine, which could include a potential ceasefire, Russian President Vladimir Putin told the press after his call with US President Donald Trump on Monday.

Putin and Trump held a telephone call on Monday, during which the leaders discussed the Ukraine crisis and recent Russia-Ukraine talks in Istanbul.

"We agreed with the President of the United States that Russia will propose and is ready to work with the Ukrainian side on a memorandum regarding a possible future peace treaty," local media reported citing the Russian leader.

Putin noted that this treaty could define various aspects, "such as the principles of a settlement, the timing of a possible peace agreement," and "a possible ceasefire for a certain period given the relevant agreements are reached."

The president said Russia supports a peaceful resolution to the Ukraine conflict, and reiterated that Moscow's priority is to eliminate the root causes of the crisis.

Putin said that Moscow and Kiev must find compromises that would be acceptable to both sides.

He thanked the US leader for helping restart direct talks between Russia and Ukraine, and called the telephone conversation substantive, frank and very useful.