U.S. President Donald Trump has warned Russian President Vladimir Putin that Washington is prepared to impose additional trade restrictions on Moscow unless it agrees to end the war in Ukraine.

“If we don’t make a ‘deal,’ and soon, I have no other choice but to put high levels of taxes, tariffs, and sanctions on anything being sold by Russia to the United States, and various other participating countries,” Trump wrote in a post on Truth Social on Wednesday.

The remarks mark Trump’s first major statement on the conflict since returning to the White House for his second term. On the campaign trail, he had pledged to resolve the war within 24 hours of taking office.

Trump also stressed his intention to meet with Putin soon, although no summit has been scheduled. The Kremlin has indicated the Russian leader is open to discussions.

Push for peace

Trump’s administration believes there are additional ways to tighten financial pressure on Moscow, particularly targeting the energy sector, despite U.S.-Russia trade having already significantly declined under Biden-era sanctions.

Scott Bessent, Trump’s nominee for treasury secretary, told Congress last week he was “100% on board” with increasing sanctions, especially on Russia’s oil sector. He criticized the current sanctions as insufficient.

Trump expressed frustration over Moscow’s apparent resistance to negotiations, stating in the Oval Office on Monday that Putin was “destroying Russia” by prolonging the conflict.

A senior Ukrainian official, speaking to the Financial Times, echoed skepticism over Moscow’s willingness to pursue peace, stating, “Putin doesn’t want to end the war, and doesn’t want to be pressured to peace.”

Diplomacy and delay

Keith Kellogg, Trump’s special envoy for the Ukraine war, is expected to visit Kyiv next month after postponing earlier meetings due to delays in formulating a negotiation plan. Ukrainian officials are also preparing to meet members of Trump’s administration during “Ukrainian Week” in Washington, according to David Arakhamia, a senior Ukrainian parliamentarian.