US President Donald Trump on Wednesday issued a stern warning to Russia, cautioning that failure to reach a deal on Ukraine during his upcoming meeting with Russian President Vladimir Putin could result in serious repercussions. The high-stakes summit is set to take place on August 15 at Joint Base Elmendorf-Richardson in Anchorage, Alaska, a site chosen for its strategic location and neutrality, as well as its distance from jurisdictions that might otherwise complicate Putin's travel.

"There will be very severe consequences," Trump told reporters at the Kennedy Center when asked about the potential fallout for Russia if no agreement is reached.

The summit, described by White House officials as a "listening exercise," is expected to center on discussions around a potential ceasefire in Ukraine and Trump's suggestion of territorial adjustments as part of a broader peace settlement. Although no formal proposals have been announced, Trump's openness to "land swap" solutions has triggered alarm among both Ukrainian and European leaders.

Speaking to reporters, Trump signaled optimism about the possibility of future engagement.

"There's a very good chance that we're going to have a second meeting [with Putin] which will be more productive than the first, because [in] the first, I'm going to find out where we are and what we're doing again," Trump said. "If the first one goes okay, we'll have a quick second one. I would like to do it almost immediately."

Zelensky exclusion controversy

According to Trump, the Friday meeting is meant to lay the groundwork for a potential second round of negotiations, which may include Ukrainian President Volodymyr Zelensky. Although Zelensky is not attending the Alaska summit, he and several European leaders held a joint video conference with Trump on August 13 to press for Ukrainian inclusion and to warn against any unilateral deals.

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"There may be no second meeting, because if I feel that it's not appropriate to have it because I didn't get the answers that we have to have, then we're not going to have a second meeting," Trump added.

Trump also clarified that Zelensky's absence from the summit was not at his discretion.

"No, just the opposite," Trump said when asked whether he was behind the exclusion of Zelensky from Friday's meeting with Putin.

Read more: Putin-Trump summit: Moscow seeks gains in Ukraine war ceasefire talks

Despite the exclusion, Trump left the door open for a possible trilateral summit in the future.

"If they'd like to have me there," he said, referring to a potential meeting between Putin and Zelensky.

Funding shift

Meanwhile, European leaders have expressed growing anxiety over the summit's implications. On August 9, The Wall Street Journal reported that the UK, France, and Germany, together with Ukraine, have advanced a new proposal for ending the Russia-Ukraine conflict, presenting it during a UK visit by a US delegation led by Vice President JD Vance.

According to two unnamed officials cited by the newspaper, the proposal stipulates that a ceasefire must precede any further negotiations and that any land swaps must be mutual. It also states that any territorial concessions made by Ukraine must be offset by security guarantees, including the possibility of future NATO membership.

The next day, Vice President Vance stated that President Trump intends to halt US funding for Ukraine’s war efforts, citing growing domestic opposition to continued financial support.

"The president and I certainly think that America, we are done funding the Ukraine war business. We want to bring about a peaceful settlement to this thing. We want to stop the killing. But Americans, I think, are sick of continuing to send their money, their tax dollars to this particular conflict," Vance told Fox News.