US President Donald Trump has announced he is “strongly considering large-scale banking sanctions and tariffs on Russia” until Moscow and Kyiv agree to a ceasefire and sign a peace deal.
The statement, posted Friday morning, comes after Russia launched a massive missile and drone strike against Ukraine’s energy infrastructure overnight. Trump says the penalties would remain in place until a “final settlement agreement on peace” is reached.
This comes just days after Trump cut off all US military aid and intelligence-sharing with Ukraine. Now, with Russia “absolutely pounding” Ukraine on the battlefield, Trump appears to be changing course. But he isn’t saying much about how the sanctions and tariffs would work, or whether this decision has anything to do with the latest Russian attacks.
Trump turns against Russia after pausing Ukraine aid
Trump’s shift in tone has left many questioning what changed. Last Friday, he invited Ukrainian President Volodymyr Zelensky to the Oval Office —only to berate him in front of reporters. Just days before that, Trump called Zelensky a dictator and accused Ukraine of starting the war that began when Russian President Vladimir Putin launched a full-scale invasion on February 24, 2022.
Following the heated meeting, Trump pulled the plug on all US military assistance to Ukraine, effectively leaving Kyiv without crucial American support. Then, on Thursday night, Russia unleashed a major airstrike on Ukraine. Nearly 70 missiles and 200 attack drones targeted critical infrastructure, cutting power and damaging residential buildings.
By Friday morning, Trump had apparently decided that the situation needed economic retaliation. He told reporters, “They [Russia] are bombing the hell out of them [Ukraine] right now… and I put a statement out, a very strong statement: ‘Can’t do that, can’t do that.’”
When asked if his pause on military cooperation helped Russia, Trump dodged the question. Instead, he said, “Putin is doing what anyone else would do.”
Moscow has been dodging sanctions for years
Trump’s new stance on sanctions and tariffs raises questions about what they would actually accomplish. Moscow is already under the toughest economic restrictions in history, largely targeting its oil exports and foreign currency reserves. But Russia has found ways around them.
The Kremlin has built a network of sanctions evasion tactics, exporting discounted oil to India and China and importing Western-made goods through Kazakhstan and other neighboring countries. China has also been accused of helping sustain Russia’s war effort by supplying dual-use technology, though Beijing denies this.
Trump hasn’t explained what would make his proposed tariffs or banking restrictions any different from the existing penalties. Nor has he said how the US would enforce them against a country that has already spent years outmaneuvering Western restrictions.
Treasury Secretary Scott Bessent hinted at a more aggressive sanctions strategy while speaking at the Economic Club of New York on Thursday. He stated that Trump’s administration “has kept enhanced sanctions on Russia in place” and is now prepared to go “all in” on tougher economic pressure if it would help secure peace negotiations.
Bessent also took a swipe at President Joe Biden, accusing him of imposing weak sanctions on Russia’s energy sector. He claimed Biden eased restrictions on Moscow to avoid driving up US energy prices during an election year.
Bessent went even further, alleging that Biden lifted US sanctions on Russia in January. But there’s no record of that happening. Ten days before Trump took office, the US Treasury Department expanded energy sanctions on Russia, and there is no evidence that any of them were rolled back.
Zelensky calls for a truce as Europe steps in
As Trump and Putin’s relationship keeps shifting, Zelensky has called for an immediate truce in the air and at sea. Following Russia’s massive overnight attack, he said Ukraine is “ready to take the path to peace”, adding that Ukraine has “wanted peace from the very first second of this war.”
Despite Trump’s uncertainty about supporting Ukraine, European leaders are stepping up. On Wednesday, French President Emmanuel Macron reassured Kyiv that Europe will continue providing military aid, even if the US pulls out completely.
Ukraine has been using F-16 fighter jets and Mirage-2000 aircraft provided by France to defend its airspace, proving that Western military support is still crucial. But with the US cutting ties, Ukraine is becoming increasingly dependent on European allies to keep up its fight.
While Trump threatens tariffs and sanctions, Putin appears unfazed. Russia’s latest airstrike was one of its biggest yet, and there are no signs of a retreat. Moscow is watching, Ukraine is waiting, and the White House is now forced to answer for its latest move.
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