U.S. officials have put together new economic sanctions aimed at Russia, focused on banks and energy sectors, to intensify pressure on Moscow. This is, reportedly, part of President Donald Trump’s efforts to resolve the conflict in Ukraine, according to three U.S. sources with knowledge of the situation.
The sanctions target key entities, including the state-owned energy giant Gazprom and various important players in the natural resources and banking sectors. Some of these sources have requested to remain unnamed while discussing the topic.
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Details about the sanctions were not disclosed, and it’s uncertain whether Trump will approve them. His fluctuating stance on Moscow has led to frustration, particularly regarding President Vladimir Putin’s calls for ceasefire talks.
A source familiar with the matter noted that the U.S. National Security Council is working on more severe actions against Russia, but, ultimately, it requires Trump’s approval.
A second official reiterated, “It’s entirely his decision.” James Hewitt, a spokesperson for the National Security Council, stated, “The President has always emphasized his dedication to achieving a thorough ceasefire,” although he didn’t share specifics about the ongoing negotiations.
The U.S. Treasury Department, responsible for most sanctions, did not provide any comments upon request.
Trump’s endorsement of these new sanctions follows the recent signing of the U.S. Ukraine Minerals Trade, which he has championed as part of his peace initiative. This could potentially signal a firmer stance toward the Kremlin.
A rescuer at the site of an apartment building hit by a Russian missile attack in Kiev on April 24, 2025. (Reuters/Valentin Ogilenko)
Since Russia’s extensive invasion of Ukraine in 2022, the U.S. and its allies have progressively added sanctions. While these measures have caused notable strain on the Russian economy, Moscow has managed to circumvent some of them, allowing the war to continue.
Trump appears willing to grant Putin the opportunity to assert, “We’re ending the ceasefire and the war.” This is seen as just another attempt to pressure Russia.
He stated, “Putin is escalating.” He further mentioned that both the U.S. and Ukraine are striving for an immediate and total ceasefire, indicating Putin’s current position as an outlier.
Since taking office in January, Trump has taken measures to encourage Russia to engage in peace talks, such as tightening sanctions against the Kremlin and disbanding the Justice Department team aimed at targeting oligarchs.
In some controversial remarks, he defended Putin, labeling Ukrainian President Voldimi Zelensky as a “dictator” regarding the conflict’s initiation.
In the meantime, Trump’s envoy, Steve Witkov, has suggested a peace plan that involves conceding four regions of Ukraine to Russia. He even met with Putin multiple times last week.
However, just days after those discussions, Russian Foreign Minister Sergei Lavrov reiterated Moscow’s key demand for settlement, even as Russian forces intensified attacks on Ukrainian cities, resulting in increased civilian casualties.
Earlier in March, reports indicated that the U.S. might consider easing some sanctions on Russia, but Trump expressed dissatisfaction recently over Putin’s ongoing invasion, following a productive meeting with Zelensky at the Vatican.
The following day, Trump mentioned on the True Social Platform that he is “strongly considering significant bank sanctions and tariffs against Russia.”
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Volker mentioned that Russia has been managing to acquire hard currency to support its military efforts through oil and gas sales to countries like India and China. He emphasized that imposing secondary sanctions on these transactions would be crucial.
Secondary sanctions aim to penalize a third country by restricting access to the U.S. market, and this strategy is particularly potent for the U.S. given its economic size.
