The pair discussed bilateral relations and the situation in the Korean Peninsula during a telephone call, the Kremlin said in a statement this evening.

The White House added that both “discussed working together to resolve the very dangerous situation in North Korea”.

Trump also reportedly thanked his Russian counterpart “for acknowledging America’s strong economic performance in his annual press conference,”

Both leaders agreed to continue contacts, the Kremlin added but did not provide further details.

The pair last spoke by phone last month following a Brief meeting in Vietnam.

Donald Trump’s administration has been plagued by ongoing investigations into ties he had with Russia during his campaign that ultimately saw him defeat Democrat Hillary Clinton.

During his annual end-of-year press conference in Moscow, Mr President Putin claimed that he could see “a number of fairly serious achievements over the short period” Trump has been in office.

He added that the Republican firebrand's moves indicated “investor confidence in the American economy, which means that they trust what President Trump is doing in this area."

When turning to the matter of North Korea, Putin rebuked the moves of the Trump administration in the region.

He declared: "I don't want to offend anybody but far as North Korea is concerned, we believe that what is happening now is counterproductive.”

Despite the military perseverance shown by North Korea, the Russian leader claimed that he does not accept Kim Jong-un’s communist regime as a nuclear state.

President Putin also claimed he would run as an independent candidate during the country’s upcoming 2018 election to gain support from many political parties that “support” his ideals.

The leader said he wanted Moscow to be as competitive politically as it is economically.

He went on: "I want this and I will strive for a balanced political system and that is impossible without competition in the political field.”