 "Donald Trump and Russia's President Vladimir Putin talk during the family photo session at the APEC Summit in Danang, Vietnam, November 2017. File image/ Reuters")
US President Donald Trump on Friday (March 7) threatened to impose ‘large scale’ sanctions on the Russian banking sector as he said Moscow was incessantly “pounding” Ukraine.
Taking to his Truth Social platform, Trump warned both Russia and Ukraine to “get to the table right now” before it was too late.
“Based on the fact that Russia is absolutely ‘pounding’ Ukraine on the battlefield right now, I am strongly considering large-scale Banking Sanctions, Sanctions, and Tariffs on Russia until a Cease Fire and FINAL SETTLEMENT AGREEMENT ON PEACE IS REACHED. To Russia and Ukraine, get to the table right now, before it is too late,” Trump wrote.
Trump’s recent threat follows his announcement last month that American sanctions on Russia will have to be lifted “at some point”.
“No, we haven’t lifted any sanctions on anybody… I guess it will be at some point, but right now, we haven’t agreed to lift sanctions on anybody,” Trump said on February 25 during a press conference.
Russia was targeted with massive sanctions by Western nations three years back after Moscow launched the invasion of Ukraine.
In January, the administration of former president Joe Biden and the UK imposed their toughest sanctions yet on Russia’s oil sector, blacklisting nearly 200 “shadow fleet” vessels, major oil companies, and related entities.
Announced by the US Office of Foreign Assets Control (OFAC) on Jan 10, these measures have already shaken global oil markets, causing Brent crude prices to rise by nearly $5 per barrel.
Impact Shorts
More ShortsInitially, Trump also stated that he may impose further sanctions on Russia if President Vladimir Putin refuses to negotiate a peace deal with Ukraine.
On March 6, US Treasury Secretary Scott Bessent also said Washington was willing to go “all in” on sanctions against Russia to force it to the negotiating table.
“A major factor that has enabled the Russian war machine’s continued financing was the Biden administration’s egregiously weak sanctions on Russian energy, stemming from worries about upward pressure on US energy prices,” Bessent said, adding, “This administration has kept the enhanced sanctions in place and will not hesitate to go ‘all in’ should it provide leverage in peace negotiations.”
(With inputs from agencies)