US President Donald Trump called Russia’s attacks on Ukraine “disgusting” in his most strongly worded criticism of Russian President Vladimir Putin yet, and warned that Washington will impose new sanctions if no agreement is reached by August 8, Reuters reported on July 31.

“If no settlement occurs, Washington will introduce new sanctions, restrictions or other pressure measures,” Trump said, speaking to reporters in the Oval Office. “I’m not sure whether sanctions would deter Russia,” he added.

Trump has been criticised for being too soft on Putin since the ceasefire talks kicked off in Riyadh on February 18. He initially conceded to most of Putin’s demands for concessions, summed up in his “final offer” presented at a meeting in London in April that included most of the Kremlin’s demands such as a no-Nato promise and recognition of Russia’s sovereignty over the five occupied Ukrainian regions. Ukrainian President Volodymyr Zelenskiy refused and came back with a counteroffer that started with an immediate unconditional 30-day ceasefire. Putin refused that and the talks have been dead in the water ever since.

In the last month Trump has visibly soured on Putin, making his most pro-Ukraine, anti-Russia comments last month. More recently he has said he “doesn’t want to talk to Putin” anymore. Trump seems to have reversed his position and rolled out his “big announcement” deal on July 14 that proposes the US will now resume supplying Ukraine with military hardware, provided European Nato allies pay for it.

Fresh attacks

Trump’s latest remarks come following one of the deadliest Russian attacks on Kyiv in recent months. A missile strike on the Ukrainian capital killed 15 and injured 135, including many children, according to local officials. Emergency services responded across multiple districts as hospitals declared high alert.

Ukrainian authorities condemned the bombardment as a deliberate assault on civilian infrastructure. The Ministry of Defence said the missiles struck “non-military sites” and labelled the attack a breach of international humanitarian law. Russia has not commented on the incident and continues to deny targeting civilians.

Trump is increasingly commenting that he wants to “stop the killing” in his remarks on the Ukraine conflict and his motive for threatening 100% secondary sanctions on Russia if a ceasefire agreement is not reached by August 8.

At a United Nations Security Council meeting convened by Russia, Acting US Alternate Representative John Kelley reiterated the urgency of reaching an agreement. “Both Russia and Ukraine must negotiate a ceasefire and durable peace. It is time to make a deal. President Trump has made clear this must be done by August 8,” Kelley said. “The United States is prepared to implement additional measures to secure peace.”

Trump previously shortened his peace ultimatum from 50 days to 10–12, aiming to force progress in talks. He admitted on June 30 that he was uncertain about the strategy’s effectiveness, noting that Russia had yet to respond to the deadline.

“I’m not sure whether sanctions would deter Russia,” Trump said, but confirmed he would move forward with economic measures if no deal is reached in the next week.

Analysts have also questioned the effectiveness of secondary sanctions that are designed to force Indian and China to stop buying Russian crude, a major source of income for the Russian budget. As bne IntelliNews reported, Indian refineries have already curtailed their purchases of Russian crude, whereas Beijing has rebuffed Trump’s threats to sanction China, saying Beijing will only consider its national interests when making decisions where to source its energy imports.

US Secretary of State Marco Rubio confirmed that Washington was also considering “sectoral banking sanctions” and secondary sanctions on Russian oil exports.

“There are banking, sectoral banking sanctions that would also be very powerful,” he told Fox Radio. “The best path forward is to have the shooting stop and the talking start.”

Previously, the Biden administration imposed harsh financial sanctions on Russia at the end of 2023 that led to many Turkish and Chinese banks pulling out of Russia in 2024 due to fears of being hit by US secondary sanctions.

Russia ready for more sanctions

The Kremlin says it is ready for new sanctions and that after 30,000 measures it has become “immune” to new ones. Russia’s Ministry of Finance stated that the country’s financial reserves are adequate to endure potential new US sanctions, TASS reported on July 31 and the Central Bank of Russia (CBR) reported that its international reserves have reached a fresh record value of $695.5bn this week, after rising $11bn in one week.

“Russia’s fiscal and external stability remains under control. We are prepared for different scenarios and have sufficient reserves to ensure macroeconomic stability,” the ministry said in a statement reported by TASS. Russia’s National Wealth Fund – a rainy day fund that can be used to cover budget deficits -- stood at RUB11.8 trillion ($134.6bn) as of July 1, well in excess of the forecast RUB3.8 trillion federal budget deficit expected this year.

With mutual trade between the US and Russia down to a mere $3bn in 2024, any tariffs Washington imposes on Russia will have no effect and if anything hurt US importers more than Moscow, which rely on Russia for some critical minerals and refined uranium, among other things.

Asked to comment on Trump saying that trade between the two countries is at zero and should remain there, presidential spokesman Dmitry Peskov said: "[I have to] agree [with US President Donald Trump] in the sense that indeed business between Russia and America is practically at zero. But I disagree that it should stay there.”

"We believe that this would be in the interests of American businesses, and we know that they are interested. Many American businessmen are interested in restoring cooperation with the Russian side. Our businessmen are also interested in the American market,” he added.

New US military funding

While Trump is trying to force Europe to take on the burden of equipping Ukraine, some US funding is still earmarked for Kyiv. The Senate Appropriations Committee approved a $1bn Pentagon spending bill for 2026, including $800mn in aid to Ukraine and $225mn for Nato allies in the Baltic region.

The bill must still pass a full Senate vote, be approved by the House of Representatives, and be signed into law by the President.

Senator Patty Murray, Chair of the Committee, said on July 31 the legislation would “strengthen our partnerships abroad and invest in our national security at home.”

Moscow has pointed to stable inflation and growing trade with non-Western partners as evidence that sanctions have not crippled its economy. However, further measures targeting oil revenues or the banking sector could test those claims.