U.S. President-elect Donald Trump will propose offering to end sanctions imposed on Russia for its annexation of Crimea in return for a nuclear arms reduction deal with Russian President Vladimir Putin, he told The Times of London.

Trump, in an interview with the newspaper published online on Sunday, was deeply critical of previous U.S. foreign policy, describing the invasion of Iraq as possibly the gravest error in the history of the United States and akin to “throwing rocks into a beehive”.

But ahead of his inauguration on Friday as the 45th U.S. president, Trump raised the prospect of the first major step toward nuclear arms control since President Barack Obama struck a new Strategic Arms Reduction Treaty with Russia in 2010.

"They have sanctions on Russia — let’s see if we can make some good deals with Russia," the Republican president-elect was quoted as saying by The Times.

"For one thing, I think nuclear weapons should be way down and reduced very substantially, that’s part of it. But Russia’s hurting very badly right now because of sanctions, but I think something can happen that a lot of people are gonna benefit."

The United States and Russia are by far the world's biggest nuclear powers. The United States has 1,367 nuclear warheads on deployed strategic missiles and bombers, while Russia has 1,796 such deployed warheads, according to the latest published assessment by the U.S. State Department, reports Reuters.