"Barack Obama closely monitored Putin's visit to Italy and the attempts of the Russian president to reduce pressure on Moscow at least from the European Union," Ansa news agency said.
"If no major surprises occur, the European Union will extend sanctions imposed on Moscow," the Italian news agency noted, referring to the restrictive measures Western countries imposed on Russia last year.
The West accuses Moscow of flaring the flames of the ongoing Ukrainian conflict, which left more than 6,000 people killed, 15,000 wounded and 1.2 million internally displaced. The Kremlin has always denied these groundless claims instead pushing for peace in the war-torn nation.
The sanctions are "an obstacle" to Italian firms, which "do not want a reduction in trade," Putin said, as quoted by Ansa.
The Russian president met with Italian Prime Minister Matteo Renzi in Italy's financial hub and toured Russia's pavilion at Milan Expo-2015 on Wednesday.
During his brief stay in Italy Putin also met with Pope Francis, Italian President Sergio Mattarella and former Prime Minister Silvio Berlusconi, who pledged to fight sanctions imposed on Moscow.