Trump threatens new banking sanctions on Russia over Ukraine

US President Donald Trump said he’s “strongly considering” fresh banking sanctions and tariffs on Russia over its continued attacks on Ukraine, ramping up pressure ahead of expected negotiations to end the conflict.

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

Treasury Secretary Scott Bessent earlier 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.

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.

Bloomberg