President Donald Trump has warned that Russia could face severe financial consequences if Vladimir Putin does not agree to a 30-day ceasefire with Ukraine, emphasizing that he has economic measures that could be “very bad” for Russia.

Speaking about ongoing negotiations to bring an end to the war, Trump made it clear that he has options to pressure Russia into peace.

“There are things that wouldn’t be pleasant in a financial sense. I can do things financially that would be very bad for Russia. I don’t want to do that because I want to get peace,” Trump said.

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He reiterated the warning, adding:

“In a financial sense, yes, we could do things that would be very bad for Russia, that would be devastating for Russia. But I don’t want to do that.”

His comments came after Secretary of State Marco Rubio and National Security Advisor Mike Waltz announced that Ukraine had agreed to a U.S.-proposed 30-day ceasefire, but that the deal now depends on Russia’s response.

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Trump’s recent comments mark a notable shift from his previous statements in which he praised Putin’s intelligence or expressed understanding of Russia’s position.

The warning also follows a heated Oval Office meeting two weeks ago between Trump and Ukrainian President Volodymyr Zelensky regarding U.S. support for Kyiv.

The United States has already imposed multiple rounds of economic sanctions on Russia following its 2014 annexation of Crimea and its full-scale invasion of Ukraine in 2022.

However, Trump’s latest remarks suggest he is prepared to escalate financial measures further if Russia refuses to agree to the ceasefire.

Trump pointed to upcoming negotiations, confirming that Steve Witkoff, his envoy, is traveling to Moscow for discussions.

During a meeting with Irish Taoiseach Simon Harris in the Oval Office, Trump made a brief joke about J.D. Vance’s shamrock socks before turning to the Vice President for an update on the ceasefire talks.

Vance responded:

“We’ve got some conversations that are happening on the phone and in person with some of our representatives over the next couple of days. As the President said, we think we’re in a very good place where the Ukrainians have agreed with a ceasefire, and we’re going to see whether we can get the Russians to agree to a ceasefire too.”

.@VP: “We think we’re in a very good place where the Ukranians have agreed to a ceasefire and we’re now going to see whether we can get the Russians to agree to a ceasefire too.” pic.twitter.com/w0B8dmiKbC

— Rapid Response 47 (@RapidResponse47) March 12, 2025

When asked whether he believed Putin would honor a ceasefire, given previous violations of similar agreements, Trump said:

“We haven’t spoken to him yet with substance, because we just found out. We’re going to know very soon. I’ve gotten some positive messages, but a positive message means nothing. Very serious situation. This is a situation that could lead to World War III.”

On Tuesday, after U.S.-led discussions in Saudi Arabia, Ukraine agreed to pause military operations for 30 days if Russia agreed to the terms.

Following the announcement, the U.S. lifted a pause on military aid and intelligence-sharing with Ukraine.

Secretary of State Marco Rubio underscored that the next move is up to Moscow.

“We’re going to tell them this is what’s on the table. Ukraine is ready to stop shooting and start talking. And now it’ll be up to them to say yes or no,” Rubio said.

In the past, Putin has opposed short-term ceasefires, arguing that they only benefit Ukraine by allowing troop regrouping and rearmament.

“As for the settlement of the situation, I would like to emphasize that it shouldn’t be aimed at a brief truce—some sort of a break for regrouping troops and rearmament in order to continue the conflict—but a long-term peace,” Putin previously stated.

However, Trump’s warning signals a new level of economic pressure on Russia, particularly as he seeks to reshape U.S.-Russia relations while dealing with ongoing disputes with NATO allies and trade negotiations.

Trump first raised the idea of imposing large-scale banking sanctions and tariffs on Russia on March 7, after the U.S. temporarily paused security aid and intelligence-sharing due to his disagreements with Zelensky.

“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,” Trump wrote on Truth Social.

“To Russia and Ukraine, get to the table right now, before it is too late. Thank you!!!”

“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,… pic.twitter.com/kwrfbaQw4d

— President Donald J. Trump (@POTUS) March 7, 2025

Despite ongoing negotiations, Russia has continued launching missile and drone attacks on Ukrainian cities, targeting civilian areas.

Meanwhile, Ukraine carried out its largest drone strike on Moscow yet just hours before the Saudi Arabia peace talks began.

At the White House on Wednesday, Press Secretary Karoline Leavitt confirmed that National Security Advisor Mike Waltz had spoken to his Russian counterpart about the ceasefire.

“And the President’s team continues to be engaged. As you all know, Mr. Witkoff is traveling to Moscow later this week, and we urge the Russians to sign on to this plan. This is the closest we have been to peace in this war. We are at the 10th yard line, and the President is expecting the Russians to help us run this into the end zone,” Leavitt said.

With Trump’s economic threat now on the table, Russia’s next move could determine whether the war de-escalates or continues in the weeks ahead.