Trump has also paused military aid and intelligence sharing to Ukraine to pressure Kyiv to accept a ceasefire deal after an explosive Oval Office meeting with Ukrainian President Volodymyr Zelensky a week ago.

“Based on the fact that Russia is absolutely ‘pounding’ Ukraine on the battlefield right now, I am strongly considering large-scale Banking Sanctions, Sanctions, and Tariffs on Russia until a Cease Fire and FINAL SETTLEMENT AGREEMENT ON PEACE IS REACHED,” Trump wrote on Truth Social.

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“To Russia and Ukraine, get to the table right now, before it is too late. Thank you!!!”

Trump has faced criticism for doubling down on Ukraine, including his comment last month that Kyiv, not Russia, was responsible for starting the war.

Trump’s threat to impose sanctions and tariffs on Russia comes days after Reuters reported that the White House was drawing up a plan to potentially give Russia sanctions relief as part of the administration’s push to end the war and improve diplomatic and economic relations with Moscow.

Russia, one of the world’s biggest oil producers, is subject to wide-ranging sanctions imposed by the United States and partners after its invasion of Ukraine in February 2022.

US sanctions on Russia include measures aimed at limiting its oil and gas revenues, including a cap of $60 per barrel on Russia’s oil exports.