President Donald Trump warned that "severe consequences" lie ahead for Russia if Russian President Vladimir Putin doesn't agree to stop the Ukraine war after they meet for a high-stakes summit in Alaska on Friday.

President Trump weighed in on his virtual call on Wednesday with Ukrainian President Volodymyr Zelenskyy and European leaders ahead of his meeting with Russia's Vladimir Putin on

Alaska's energy resources could be up for discussion at Friday's meeting between Trump and Putin, according to a report.

The Trump administration "is making quite an energetic and sincere effort, in my opinion, to stop hostilities, to stop the crisis and to reach an agreement that is of interest to all those involved in this conflict," Putin said during a meeting of his top officials to prepare for the Alaska summit, according to a readout published by the Kremlin.

The Russian leader senses a chance for more international recognition, while his American counterpart hopes to play peacemaker.