WASHINGTON — After weeks of distancing the U.S. from Ukraine, President Donald Trump on Friday threatened to impose expanded “large scale” sanctions and tariffs on Russia until it reaches a peace agreement with Ukraine.
“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. To Russia and Ukraine, get to the table right now, before it is too late. Thank you!!!” Trump wrote in a post on Truth Social.
His threat comes a week after an intense Oval Office clash with Ukrainian President Volodymyr Zelenskyy scuttled hopes for a much-anticipated rare earth minerals deal. The meeting added to growing concerns that U.S. policy toward Russia was softening and set off a scramble in Europe about who would fill the void if the U.S. pulled its support of Ukraine.
Trump has spent the last few weeks bashing Zelenskyy, and this week, the administration said it was pausing giving military aid to and sharing intelligence with Ukraine.
Treasury Secretary Scott Bessent on Thursday seemed to preview additional sanctions on Russia in remarks before the Economic Club of New York. He said that the Trump administration has kept enhanced sanctions on Russia in place and is prepared to go “all in” if it would “provide leverage in peace negotiations.”
“Per President Trump’s guidance, sanctions will be used explicitly and aggressively for immediate maximum impact,” Bessent said.
Bessent also accused the Biden administration of imposing “weak sanctions” on Russia’s energy sector, which he said played a “major factor in the Russian war machine’s continued financing.” Bessent charged that Biden took a softer approach to sanctions due to “worries about upward pressure on U.S. energy prices during an election season.”
Bessent also claimed that the Biden administration lifted U.S. sanctions on Russia in January, but it’s unclear what he was referring to. Ten days before Trump’s inauguration, the Treasury Department implemented sweeping sanctions on Russia’s energy sector and there’s no evidence that the U.S. eased sanctions.
The Treasury Department didn’t immediately respond to a request for comment.
In a post on Telegram Friday, Zelenskyy called for a truce in the air and at sea after Russia launched a massive attack on Ukraine overnight against the country’s energy infrastructure.
“In total, the Russians launched nearly 70 missiles, both cruise and ballistic, as well as almost 200 attack drones,” Zelenskyy said. “All of this was directed at infrastructure that ensures normal life. Repair and restoration work is already underway wherever needed. Unfortunately, there is also damage to residential buildings.”
“Ukraine is ready to take the path to peace, and Ukraine has wanted peace from the very first second of this war. The goal is to force Russia to stop the war,” he said.
Zelenskyy said that Ukraine was able to defend its airspace using F-16 aircraft and Mirage-2000 jets provided by France. On Wednesday, French President Emmanuel Macron reassured Ukraine that Europe will continue to defend it against Russian aggression even if the U.S. chooses not to continue its assistance.
