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US investigators are currently probing alleged collusion between Russian agents and Trump's election campaign.
The two leaders met face-to-face on the sidelines of the regional Association of Southeast Asian Nations (ASEAN) summit in Singapore.
Speaking to the Kremlin-backed channel RT France earlier, Putin said he would probably speak to Trump during a working dinner later Sunday.
British Prime Minister Theresa May and Queen Elizabeth will attend a separate event in London, while New Zealand and Australia are holding their own ceremonies.
In 2013 Panama seized a North Korean ship carrying an undeclared Cuban arms shipment of Soviet-era weapons and fighter jets hidden under sacks of sugar.
He pointed out that Russian industrial production has grown by three per cent from January to September of the current fiscal year.
Putin said dismantling a global arms control system was "very dangerous," adding Russia was concerned about the fact that the United States had already abandoned the Anti-Ballistic Missile treaty.
As Trump's national security adviser prepared to meet with Russian President Vladimir Putin, Putin's spokesman acknowledged the 1987 arms control deal had "weak spots."
The sanctions would last at least three years and included penalties on Russian lawmakers and top officials.
Amritsar train tragedy: Pakistan PM Imran Khan, Russian President Vladimir Putin condoles loss of lives
More than 61 people lost their lives while 72 were injured on Friday evening when they were at a Dussehra celebration witnessing the burning of Ravana's effigy near Amritsar.
Thirteen percent of Russians said they did not trust him, according to the latest poll carried out between September 20 and 26.
North Korea entered talks with the U.S and South Korea earlier this year, saying it's willing to negotiate away its advancing nuclear arsenal.
India and Russia signed a multi-billion-dollar deal to procure the S-400 Triumf air defence system, which could attract sanctions under the Countering America's Adversaries Through Sanctions Act.
India and Russia signed eight pacts on Friday, including on cooperation on Gaganyaan.
Modi received Putin at the Hyderabad House here and the two leaders warmly shook hands and hugged each other obliging cameramen.