U.S. officials have completed a new set of economic sanctions targeting Russia, including measures related to banking and energy. The aim is to increase pressure on Moscow to support President Trump’s efforts to end the war in Ukraine, according to multiple U.S. officials and a source familiar with the matter.

The sanctions may target state-owned energy company Gazprom, as well as other major players in the natural resources and banking sectors, according to one administration official. All sources requested anonymity.

The official did not provide further details.

However, it remains uncertain whether Trump will approve the sanctions package. While he initially expressed sympathy for Russia, he has reportedly become frustrated with President Putin’s refusal to agree to a ceasefire and peace negotiations.

The National Security Council is working to coordinate more punitive measures against Russia, according to a source. Any such actions would require Trump’s approval.

“It’s totally his call,” a second U.S. official confirmed.

National Security Council Spokesman James Hewitt stated that the president is committed to achieving a full and comprehensive ceasefire, but declined to comment on ongoing negotiations.

The , the government body responsible for implementing most U.S. sanctions, did not respond to requests for comment.

If Trump approves the new sanctions, following the recent U.S.-Ukraine minerals deal, it could signal a tougher stance toward the Kremlin.

Since Russia’s full-scale invasion of Ukraine in 2022, the and its allies have imposed numerous sanctions on the country. While these measures have hurt the Russian economy, Moscow has found ways to bypass them and continue funding the war.

According to Kurt Volker, a former U.S. envoy to NATO and special representative for Ukraine negotiations during Trump’s first term, Trump has repeatedly tried to give Putin opportunities to agree to a ceasefire and end the war, but Putin has rejected them. Volker believes this is the next step in pressuring Russia.

Volker added that Putin has been escalating the conflict. He said Trump has aligned the U.S. and Ukraine in calling for a ceasefire, while Putin remains the outlier.

Since taking office in January, Trump has taken steps that appear aimed at encouraging Russia to accept his peace plan, including disbanding a Justice Department task force focused on enforcing sanctions and targeting Russian oligarchs.

He has also made statements that seem to favor Moscow, falsely accusing Ukrainian President Zelenskiy of starting the conflict and calling him a “dictator.”

Meanwhile, Trump’s special envoy, Steve Witkoff, has proposed a peace strategy that would involve ceding four Ukrainian regions to Russia. He has met with Putin four times, most recently last week.

However, three days after that meeting, Russian Foreign Minister Sergei Lavrov reiterated Putin’s demands for a settlement, and Russian forces have continued attacks on the front lines and missile and drone strikes on Ukrainian cities, resulting in civilian casualties.

In March, Reuters reported that the U.S. was considering a plan to potentially ease sanctions on Russia. However, Trump has recently expressed frustration with Putin’s lack of progress on ending the invasion and held a “very productive” meeting with Zelenskiy at the Vatican last Saturday.

The following day, Trump stated on his Truth Social platform that he was considering “large scale Banking Sanctions, Sanctions and Tariffs on Russia” that would remain in place until a ceasefire and peace agreement are reached.

Volker noted that Russia earns hard currency through oil and gas sales to countries like India and China, which funds its military. He said that secondary sanctions on such deals would be “very significant.”

Secondary sanctions involve one country penalizing another for trading with a third by restricting access to its market. This is a particularly powerful tool for the U.S. due to its large economy.

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