US President Donald Trump (right) and Russian President Vladimir Putin at a meeting on the sidelines of the G20 Summit in Osaka, Japan. (Photo: Getty Images/VNA)

The Kremlin's subsequent statement said confirmed Putin's commitment to the initiative and his order for immediate military implementation.

The Russian leader expressed his willingness to collaborate with the US to explore broader avenues towards a comprehensive and lasting peace, noting that a key condition for conflict resolution is the cessation of foreign military aid and intelligence support to Ukraine. 

In addition to the ceasefire agreement, a prisoner exchange between Russia and Ukraine was announced. This exchange will include 175 prisoners on each side, with Russia releasing 23 seriously wounded Ukrainian soldiers under its care.

Further negotiations between the US and Russia are scheduled for March 23 in Jeddah, Saudi Arabia.

European allies, including Germany and France, have praised the agreement. At a joint press conference on Tuesday with French President Emmanuel Macron, German Chancellor Olaf Scholz said the agreement is an important step toward achieving a sustainable peace in Ukraine. The German Chancellor stressed the need for swift implementation of technical negotiations, particularly concerning a maritime ceasefire. President Macron emphasized the importance of the inclusion of Ukraine in all future discussions.

“The first steps are in place, but our goal remains unchanged – to establish a fully respected, measurable, and verifiable ceasefire and launch peace talks that bring solid and lasting peace with guarantees. This requires the indispensable inclusion of Ukraine in the negotiation process," Macron said.