US President Donald Trump on Friday said he was "strongly considering" large-scale "banking sanctions and tariffs" on Russia should Moscow not reach a final peace agreement in its ongoing all-out war against Ukraine.

Writing on his Truth Social platform, Trump framed the threat as a response to Russia's recent attack on Ukraine. 

Moscow launched a wave of missile and drone attacks aimed at Ukraine's energy infrastructure overnight, injuring 10 people including a child.

"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. Thank you!!!" Trump has posted.

Trump's threats contradict reports last week that the White House had directed officials to draw up plans to give Moscow sanctions relief, and come after Trump raised concerns amongst European leaders that he was making concessions to Moscow as he pushed for peace in Ukraine.

In January, Trump had also threatened to ramp up those sanctions if Putin refused to negotiate an end to Russia's war in Ukraine. However, his rhetoric changed in February, with US officials openly acknowledging the possibility of easing sanctions on Moscow. US Treasury Secretary Scott Bessent told Bloomberg TV last month that the Kremlin could score economic relief depending on how the country approached negotiations in the coming weeks.

The US has imposed several rounds of wide-ranging sanctions following Russia's full-scale invasion of Ukraine in February 2022, including those against Russian banks and key Russian companies, export controls on key military and industrial components, and oligarchs.

Russia itself has signalled it is open to economic cooperation, with Kremlin spokesperson Dmitry Peskov telling reporters in late February that Russia had plenty of rare earth metals, and that Putin would be willing to work with the US in joint projects to develop them. Washington would likely have to ease sanctions to enter a formal economic deal with Moscow.

Top Ukrainian Presidential Aide Andriy Yermak agreed with Trump's words, writing on X, "We support tougher sanctions against Moscow from the West and other measures."

"The strikes on Ukraine must stop immediately if Russia truly wants to end the war," Yermak added.