Trump mulls large-scale sanctions, tariffs on Russia over Ukraine

Russian President Vladimir Putin with US President Donald Trump.

US President Donald Trump said he is 'strongly considering' large-scale sanctions and tariffs on Russia over peace deal with Ukraine.  The stern warning come days after the US President clashed with his Ukrainian counterpart Volodymyr Zelenskyy.

"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 ceasefire and FINAL SETTLEMENT AGREEMENT ON PEACE IS REACHED," he posted on Truth Social.

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

Earlier, Treasury Secretary Scott Bessent said the US won't hesitate to go "all in" on sanctions on Russian energy if it helps lead to a cease-fire in the Ukraine war.

Trump said the warring nations of Russia and Ukraine don't have a choice but to work towards a peace deal. "I think what's going to happen is Ukraine wants to make a deal because I don't think they have a choice. I also think that Russia wants to make a deal because in a certain different way, a different way that I only I know, only I know, they have no choice either," he said while answering to a reporter.

The US President has also paused military aid and intelligence sharing to Ukraine to pressure Kyiv to accept a ceasefire deal after last week's explosive Oval Office meeting with Zelenskyy.

The US and European nations have already imposed extensive sanctions on Russia’s economy, including its banks, over its full-scale invasion of Ukraine just over three years ago.