The US cannot deplete its own stockpile of Tomahawk cruise missiles by supplying them to Ukraine, President Donald Trump said at a press conference on October 16 following a phone conversation with Russian President Vladimir Putin.

"We need Tomahawks for the US too. We have a lot of them, but we need them," he said, reports TASS.

"I mean, we can't deplete our country. So, you know, they're very vital, they're very powerful, they're very accurate, they're very good, but we need them too, so I don't know what we can do about that," Trump added.

He also confirmed that he would meet with Putin in Budapest next week for a second face-to-face meeting.

The remarks come amid renewed pressure from Ukrainian President Volodymyr Zelenskiy for Washington to authorise the transfer of Tomahawk missiles and boost deliveries of air defence munitions including Patriot air defence systems. Trump, however, indicated that any such decision would require further consultation with Moscow.

“I did actually say, “Would you mind if I gave a couple of 1,000 Tomahawks to your opposition?” I did say that to him. I said it just that way,” Trump said sarcastically when asked whether Putin had objected to the potential transfer. “What do you think he's going to say? “Please sell Tomahawks”?”

Trump described the missiles as “a vicious, offensive, incredibly destructive weapon,” adding: “Nobody wants Tomahawk shot at him.”

Putin, for his part, has warned that the deployment of Tomahawks in Ukraine would mark a dangerous escalation.

“They cannot be used without the direct involvement of US military personnel,” he said, according to TASS, cautioning that such a move would represent “a qualitatively new phase of escalation, including in relations between Russia and the United States.”

The Kremlin has gone further, stating that any launch of a Tomahawk missile toward Russian territory would be treated as a potential nuclear first strike, given that the cruise missiles are capable of carrying nuclear warheads and it would be “impossible to determine” the payload in flight. Kremlin spokesman Dmitry Peskov said Russia would respond “accordingly” if such missiles were supplied to Ukraine.

Trump also signalled a pause in the imposition of new sanctions on Russia at the press conference. Although legislation to target Russian energy exports and other key sectors has been drafted and awaits Senate approval, the president indicated it would not move forward in the immediate term.

"I'm not against anything. I'm just saying, it may not be perfect timing," Trump said.

Despite repeatedly stating he would increase pressure on the Kremlin, Trump has yet to authorise any new sanctions in Russia since taking office. At the same time the US has sent no money and the delivery of US weapons to Ukraine has fallen to nothing in the last few months.

Ukraine shifts tactics amid aid uncertainty

Over the last months Ukraine has changed tactics and has been targeting Russian refineries, reducing production by between 10%-30% according to analyst estimates and causing a fuel crisis in Russia.

Ukraine has been using its improved long-range drones and has developed its own Flamingo cruise missile but is desperate for more and more powerful missiles to increase the damage.

“In fact, our strikes have had a greater impact than the sanctions. That's just mathematical truth,” said Kyrylo Budanov, head of Ukraine’s Defence Intelligence, speaking at the Kyiv International Economic Forum on October 16.

“We have inflicted far more direct damage to the Russian Federation's profits than any economic measures imposed so far.” Budanov said Ukraine’s long-range capabilities now rely almost entirely on domestic production, adding: “Of course, we always want more, but it exists. It's our domestic production that has allowed us to use our forces and means in the way we see fit.”

The fall in oil revenues has already impacted the Russian budget and sent the budget deficit soaring, but as bne IntelliNews reported, Ukraine’s budget is in equal trouble as Europe scrambles to find some $65bn to finance Ukraine’s war through to 2026.

However, Budanov warned that without further sanctions or external pressure, Moscow can sustain its war effort “for quite a long time.”

Trump and Putin plan talks in Hungary

Trump also announced plans to meet Vladimir Putin in Budapest, Hungary, to discuss efforts to end the war in Ukraine, a second meeting following the Alaska summit on August 15.

“At the conclusion of the call, we agreed that there will be a meeting of our High Level Advisors, next week,” Trump posted on Truth Social. “A meeting location is to be determined. President Putin and I will then meet in an agreed upon location, Budapest, Hungary, to see if we can bring this “inglorious” war, between Russia and Ukraine, to an end.” Trump said that Secretary of State Marco Rubio would lead the initial US delegation.

Hungary, a Nato member led by Prime Minister Viktor Orbán, has drawn criticism from EU allies for its stance on Russia and democratic backsliding. Orbán is seen as a key ally of Trump and a possible host for the proposed summit.

Both the Kremlin and the Trump administration have admitted that the two presidents discussed more than just the war in Ukraine during their meeting in Anchorage. bne IntelliNews sources in Washington say that various business deals are on the table and Trump has made it clear from the start that he is interested in doing business with Russia.

The details of the various deals remains unclear, but is known to include allowing ExxonMobil back into the Sakhalin-1 oil project and the joint exploration and exploitation of various critical minerals and rare earth metals (REMs) deposits. The possibility of lifting some aviation sanctions was also discussed that would allow Boeing to restart the sale of parts for the Russian fleet to resume in return for giving the US access to Russia’s virtual monopoly over titanium production – an essential input for plane-makers.

Indeed, as bne IntelliNews reported, Trump’s entire foreign policy is driven by a minerals diplomacy  where he has attempted to tie access to minerals to almost all the peace deals he has cut in the last nine months in an attempt to break China’s monopoly over the sector. In this drive, Russia is the big prize as it is home to a cornucopia of raw materials, second only to those found in China.

Trump confirmed that he would also meet President Zelenskiy at the White House on October 17. “President Zelenskiy and I will be meeting tomorrow, in the Oval Office, where we will discuss my conversation with President Putin, and much more,” he said. “I believe great progress was made with today’s telephone conversation.”