American officials have completed work on new economic sanctions against Russia, including banking and energy measures, to increase pressure on Moscow to reach a peace agreement, reports Reuters citing sources.
Among the targets are Gazprom and major companies operating in the natural resources and banking sectors, an anonymous Trump administration official told the agency. The US National Security Council "is trying to agree on a set of more punitive measures against Russia," said a source familiar with the matter.
The final decision rests with Trump, whose sympathy for Moscow's statements and actions has given way to frustration that Vladimir Putin ignores his calls for a ceasefire and peace talks.
Trump's approval of new sanctions, which would follow the signing of a US-Ukraine natural resources deal on Wednesday, could signal a hardening of his stance towards the Kremlin, the agency notes.
Since Russia launched a full-scale invasion of Ukraine in 2022, the US and its allies have imposed more and more sanctions against Moscow. Although these measures have hit the Russian economy hard, the Kremlin has found ways to circumvent the sanctions and continue funding its war.
Kurt Volker, a former US envoy to NATO who was the US special representative for Ukraine negotiations during Trump's first term, believes that Putin "has escalated." "Trump aligned the US and Ukraine with calls for an immediate and complete ceasefire, and now Putin is on the sidelines," he noted.
Since taking office in January, Trump has taken steps believed to be aimed at increasing Russia's compliance with his peace efforts, including disbanding a Justice Department task force created to enforce sanctions and prosecute oligarchs close to the Kremlin.
He has also made pro-Moscow statements, falsely accusing Ukrainian President Volodymyr Zelensky of starting the conflict and calling him a "dictator." Meanwhile, Steve Witkoff, Trump's special envoy, announced a peace strategy that involves handing over four Ukrainian regions to Moscow.
However, three days after the last meeting in Moscow, Russian Foreign Minister Sergey Lavrov reiterated Putin's maximalist demands for a settlement, and Russian troops intensified frontline attacks and missile and drone strikes on Ukrainian cities, resulting in significant civilian casualties.
After the Russian attack on Sumy and Kyiv, and a meeting with Zelensky in Rome, Trump questioned Putin's willingness to end the war.