The United States is preparing additional sanctions against key sectors of Russia’s economy as pressure mounts on President Vladimir Putin to end his prolonged war in Ukraine, according to senior US officials familiar with internal discussions.

The Trump administration has signaled to European partners that it supports the European Union’s move to use frozen Russian assets to finance Ukraine’s defense — and has even explored leveraging Russian-held assets in the US to support Kyiv’s war effort.

Trump balances sanctions with push for peace

President Trump, who has often cast himself as a “global peacemaker,” admitted the path to ending Russia’s three-year war in Ukraine has proven far more complex than expected.

Speaking to reporters in Doha on Saturday, Trump said he would not meet Putin again unless a peace deal appeared likely. “I’m not going to be wasting my time,” he said, referring to the lack of progress following their August meeting in Alaska.

European allies, long wary of Trump’s alternating tones toward Moscow, have urged him to maintain pressure on the Kremlin. A senior US official told Reuters that Washington hopes Europe will take the next major step — potentially through additional sanctions or tariffs.

Oil and banking sectors in crosshairs

The new sanctions under consideration could target Russia’s banking industry and oil infrastructure, key pillars sustaining Moscow’s economy amid the ongoing conflict.

Two US sources revealed that Ukrainian officials recently shared proposals urging Washington to completely cut off Russian banks from the dollar-based financial system. It remains unclear whether those recommendations will be formally adopted.

Trump’s latest sanctions on Russian oil giants Lukoil and Rosneft triggered an immediate market response — with oil prices rising by more than $2 and key buyers like China and India reportedly seeking alternative suppliers.

During his upcoming meeting with Chinese President Xi Jinping, Trump said he expects to discuss Beijing’s reduced purchases of Russian oil. “China is cutting back very substantially, and India is cutting back completely,” he added.

The sanctions follow a dramatic week of shifting US policy on Ukraine. Trump first announced plans to meet Putin in Budapest, catching Kyiv by surprise, before later calling off the meeting, saying “it just didn’t feel right.”

A meeting with Ukrainian President Volodymyr Zelenskiy in Washington also stirred controversy, as US officials reportedly pushed Kyiv to concede territory in the Donbas region in exchange for peace — a proposal Zelenskiy firmly rejected.

Later, Russia sent a diplomatic note reiterating its previous peace terms, but no breakthrough followed.

Kirill Dmitriev, Putin’s envoy for economic cooperation, expressed optimism on Friday, saying he believed Russia, the US, and Ukraine were “close to a diplomatic solution.”

Meanwhile, Halyna Yusypiuk, spokesperson for the Ukrainian Embassy in Washington, welcomed the latest US sanctions, calling them “a humane step toward dismantling Russia’s war machine.”

Despite this, sources say Trump is likely to pause additional sanctions temporarily to gauge Moscow’s response before moving forward. Several US senators are also reviving efforts to push a long-stalled bipartisan sanctions bill — one that Trump may endorse “in due time,” officials added.