Published by Global Banking and Finance Review
Posted on July 29, 2025
By Nandita Bose and Andrea Shalal
(Reuters) -U.S. President Donald Trump said on Tuesday that the United States would start imposing tariffs and other measures on Russia "10 days from today" if Moscow showed no progress toward ending its more than three-year-long war in Ukraine.
Trump first announced on Monday that he was shortening the initial 50-day deadline he set a month ago for action from Moscow, and mentioned a new deadline of 10 to 12 days. On Tuesday, he told reporters he had not heard a response from Russia.
Speaking aboard Air Force One, Trump said he was not worried about the potential impact of Russian sanctions on the oil market or prices, vowing to boost domestic oil production to offset any impact.
"I don't know if it's going to affect Russia, because (Russian President Vladimir Putin) wants to, obviously, probably keep the war going," Trump said. "But we're going to put on tariffs and the various things that you put on."
The U.S. president, who has in the past spoken about having a good relationship with Putin, has grown increasingly frustrated with Moscow's refusal to agree to a ceasefire. The fresh deadline suggests Trump is prepared to move forward on his threat of sanctions, after previously hesitating on doing so.
Speaking in Scotland on Monday, he threatened sanctions on both Russia and buyers of its exports - also known as secondary sanctions - unless progress is made.
U.S. Treasury Secretary Scott Bessent told reporters that he raised the issue of secondary sanctions with Chinese officials during two days of bilateral talks this week.
He said he told Chinese officials that Beijing could face high tariffs if it continued its Russian oil purchases.
In a post on X, former Russian President Dmitry Medvedev, a close ally of Putin, said Trump was playing "a game of ultimatums" that could lead to a war involving the United States.
Trump, who is also struggling to achieve a peace deal in Gaza, has touted his role in ending conflicts between India and Pakistan as well as Rwanda and Congo. Before returning to the White House in January, Trump campaigned on a promise to end Russia's conflict with Ukraine in a day.
(Reporting by Andrea Shalal and Nandita Bose; Editing by Nia Williams)
Explore more articles in the Headlines category
