UPDATED AGAIN 3:24 PM EDT -- Vatican Offers To Host Peace Talks -- Phone Call Between Trump and Putin; lasted just over two hours

The scheduled telephone conversation between US President Donald Trump and Russian President Vladimir Putin has been completed.  The men spoke by phone for slightly over two hours.

Initial reaction in Russia seem positive.   We have not yet gotten an official "read-out" from the Russians.

No initial reactions (yet) from the White House.

This story will be updated as further details emerge.

UPDATE 2:26 PM EDT --

President Trump has personally posted his read-out of his call with Russian President Putin.  A big surprise: The Vatican in Rome is offering to host Peace Talks between Russia and Ukraine!

UPDATE 3:24 PM EDT --

Russian President Vladimir Putin expressed gratitude to U.S. President Donald Trump for supporting efforts to resume direct negotiations between Russia and Ukraine. "The conversation with Trump was frank and substantive," Putin said, highlighting the open and meaningful nature of their exchange.

Putin noted that Trump shared his views on the possibility of a ceasefire and acknowledged Russia’s commitment to a peaceful resolution of the conflict.

According to Putin, Russia is ready to work with Kiev on drafting a memorandum outlining the foundations of a future peace agreement. This memorandum could include terms for a ceasefire as well as principles for a broader settlement. "A ceasefire with Ukraine is possible if the necessary agreements are reached.

Both sides must find compromises that are acceptable to each," Putin emphasized. He added that Kremlin officials Dmitry Peskov or Yuri Ushakov would later provide further details of the conversation with Trump.