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US President Donald Trump on Tuesday warned that Russia could face “severe economic punishment” if President Vladimir Putin does not move ahead with peace talks with Ukrainian leader Volodymyr Zelenskyy.

“It will not be a world war, but it’ll be an economic war. And an economic war is going to be bad--bad for Russia, and I don’t want that,” Trump told his cabinet at the White House, according to a foreign media report. He said he had “very serious” measures in mind if the conflict drags on, citing the human toll of thousands of lives lost every week.

Pressed on how long he would give Putin before acting, Trump said only that the steps he was considering were “very serious.” Despite his campaign pledge to end the Ukraine war “on day one,” fighting has continued with little sign of resolution. His August 15 summit with Putin in Anchorage, billed as a potential breakthrough, has not produced progress.

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The Anchorage meeting revived hopes for direct talks between Putin and Zelenskyy--the first since Russia’s full-scale invasion more than three years ago. But no summit has been scheduled. While the White House insists Putin had agreed in principle, Moscow has denied it. “This agenda is not ready at all,” Russian Foreign Minister Sergei Lavrov told foreign media news channel.

Trump has also extended his pressure campaign to countries still purchasing Russian oil. On Wednesday, Washington officially doubled tariffs on Indian goods, raising duties from 25 per cent to 50 per cent. The move, tied to New Delhi’s oil imports from Moscow, has hit exporters hard, marking one of India’s toughest trade shocks in years.

Trump has so far stopped short of applying similar measures against China and other nations buying Russian crude.

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Trump’s irritation has grown as Russian strikes continue even after his conversations with Putin. He also blamed Kyiv, saying Zelenskyy was “not exactly innocent either” and accusing him of being ungrateful for US aid and unwilling to compromise. “Everybody’s posturing,” Trump remarked when asked about Russia’s reluctance to sign a deal.

On August 18, Trump floated the idea of a peace summit in a phone call with Putin, days after hosting Zelenskyy and European leaders in Washington for talks on long-term security guarantees. Zelenskyy later said he expects to present those US- and EU-backed guarantees “in the coming days.”

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