Washington:
U.S. officials have finalized new economic sanctions targeting Russia, focusing on banks and energy sectors, aimed at ramping up pressure on Moscow to support President Donald Trump’s push for peace in Ukraine, according to multiple sources with knowledge of the matter.
Among the targets are state-owned energy giant Gazprom and critical entities in both the natural resources and banking sectors. Some sources chose to remain anonymous due to the sensitivity of the discussions.
Details on the sanctions weren’t fully disclosed, and it remains uncertain whether Trump will approve them. His past expressions of sympathy towards Moscow and frustration with Russian President Vladimir Putin’s peace efforts complicate the situation.
“The National Security Council is working to coordinate more severe actions against Russia,” a source revealed, emphasizing that Trump’s signature is crucial for these measures to proceed.
“It’s entirely up to him,” another U.S. official confirmed.
James Hewitt, a spokesperson for the National Security Council, noted, “The President has always been clear about his commitment to establishing a comprehensive ceasefire, but we’re not commenting on the ongoing negotiations.” The U.S. Treasury Department, which usually handles sanctions, did not respond to requests for comment.
Trump’s consideration of new sanctions comes shortly after he signed the U.S. Ukraine Minerals Trade agreement—something he has touted as a key aspect of his peace efforts, indicating a possible shift in his approach towards the Kremlin.
Since Russia’s full-scale invasion of Ukraine in 2022, the U.S. and its allies have intensified sanctions, which have impacted the Russian economy. However, Moscow has found ways to circumvent these restrictions and continue funding its military actions.
Trump has appeared to offer Putin an opportunity to declare, “We’re going to end the ceasefire and the war.” He described the latest sanctions as a significant step in increasing pressure on Russia.
Trump added, “Putin is escalating. We are working towards an immediate and complete ceasefire, yet Putin remains isolated in his stance.”
Since beginning his term in January, Trump has implemented measures to encourage Russia’s cooperation in peace talks, including tightening sanctions on the Kremlin and dissolving a Justice Department task force that aimed at targeting oligarchs.
Additionally, he made a controversial statement that seemingly supported Putin, labeling Ukrainian President Volodymyr Zelensky a “dictator” for initiating the conflict.
Meanwhile, Trump’s envoy, Steve Witkov, promoted a peace strategy that involves conceding four regions of Ukraine to Russia, and he met with Putin four times just last week.
However, shortly after those meetings, Russian Foreign Minister Sergei Lavrov reiterated Moscow’s serious demands during ongoing military engagements, which have resulted in further civilian casualties.
In March, reports suggested the U.S. might offer sanctions relief to Russia, but Trump has recently expressed dissatisfaction over Putin’s invasion, following a reportedly fruitful one-on-one conversation with Zelensky at the Vatican last Saturday.
The following day, Trump indicated on his social platform that he is “strongly considering massive bank sanctions and tariffs against Russia.”
As Volker noted, Russia has been able to fund its military through oil and gas sales to countries like India and China, and imposing secondary sanctions on these transactions would be significant.
Secondary sanctions aim to penalize third countries by restricting their access to U.S. markets, a particularly potent tool given the sheer size of the American economy.
