US and Russian officials agreed to explore the “economic and investment opportunities” that could arise for their countries from an end to the war in Ukraine after talks in Saudi Arabia that amounted to a tectonic shift in Washington’s approach to Moscow.

The statements from the two sides came amid concerns in Kyiv and across Europe that Donald Trump could push for a peace settlement that favours Vladimir Putin. No Ukrainian or European officials were present at the meeting.

After the talks at Diriyah Palace in Riyadh, the most extensive negotiations between the two countries in three years, the US secretary of state, Marco Rubio, said agreement had been made to create a high-level team to support Ukraine peace talks and to explore “opportunities which will emerge from a successful end to the conflict in Ukraine”.