Putin praised US President Donald Trump's efforts to end the four and a half-year war in Ukraine.
Trump suggested on Friday the United States had a fresh proposal aimed at ending the war.
He did not elaborate.
"Understanding that he is entering a difficult situation, he nevertheless does not stop his efforts to help bring about a settlement and to make his contribution to resolving the Russian-Ukrainian conflict," Putin said.
Russian state media said the talks lasted about three hours, and published video of the US motorcade leaving the Kremlin.
Senior Russian official Kirill Dmitriev described the trip of the US envoys as an "important peacemaking visit" in a post on X.
As in previous meetings, Putin was flanked by his foreign-policy aide Yuri Ushakov and his investment envoy Dmitriev, who met the two visitors at the airport, took them to a restaurant and then accompanied them to the Kremlin.
Kremlin spokesman Dmitry Peskov said in a statement that Putin had ordered the military not to strike Kyiv for three days, starting at midnight on Saturday, in connection with Witkoff and Kushner's visit to the Ukrainian capital.
Putin noted in his opening remarks that the intensity of Ukrainian attacks on Russia has also decreased and promised to ensure the safety of the US negotiators.
He said Russia did not yet agree to a broader three-day ceasefire.
Putin also said that Witkoff and Kushner had gained Russia's trust.
"For us, working with them is comfortable," Putin said.
Witkoff expressed his gratitude "that you are receiving us here today," saying the meetings with Putin were among the most memorable ever.
Ukrainian President Volodymyr Zelenskiy said he had spoken to the two US envoys set to visit Ukraine on Sunday, adding that Ukraine was prepared to refrain from strikes on Moscow through Monday.
The Russian defence ministry reported 53 Ukrainian drones in Russian airspace on Saturday, significantly fewer than the average in recent months.
Moscow is celebrating City Day on Saturday, with hundreds of thousands of people taking part in open-air festivities across the city.
A vast gulf remains between Russia and Ukraine on how to end the war.
The Kremlin said on Friday the position that Putin set out in a speech two years ago - that Ukraine should cede the entire territory of four regions claimed by Russia and abandon its plan to join the NATO military alliance - was "unshakeable."
Since the last peace talks in February, each side has intensified long-range air attacks deep inside the other's territory while the war at sea has also escalated.
On the ground, the front lines have remained largely static, with Russia making only gradual gains in its attempt to take the whole of Ukraine's Donbas region.
Ukraine's drone strikes on Russian oil refineries have led to a northern hemisphere summer of fuel shortages and rising prices for Russian motorists, while about 30 attacks on giant warehouses belonging mostly to Wildberries, the country's biggest online retailer, have affected the consumer economy.
with DPA
