Trump tells Putin: ‘Time to make a deal’ on Ukraine

US President misses own deadline to end war before entering office and threatens to impose further sanctions on Moscow

US President Donald Trump raised the stakes for Russia's President Vladimir Putin to end the conflict with Ukraine. AFP

US President Donald Trump appears to have failed to fulfil a promise to end the Russia-Ukraine war by the time he entered the White House, and instead on Wednesday called on Russian President Vladimir Putin to “make a deal”.

The new US leader threatened “high levels of taxes, tariffs and sanctions on anything being sold by Russia to the United States, and various other participating countries” in a Truth Social post, adding that he is “not looking to hurt Russia” and has “always had a very good relationship” with Mr Putin.

“I'm going to do Russia, whose economy is failing, and President Putin, a very big favour. Settle now, and stop this ridiculous war,” he wrote. “If we don't make a 'deal,' and soon, I have no other choice.”

The war began when Russia invaded Ukraine in February 2022, and since then, US and allied countries have sent financial support and military aid to Kyiv.

Russian trade with the US has plunged at least 86 per cent since the start of the war, according to US Census Bureau data that Forbes published in January last year. US allies in Europe, however, still buy large amounts of Russian gas.

It is not yet clear what measures Mr Trump could introduce, as former president Joe Biden's administration placed a series of sanctions on Russia over the past two years.

Russian gold has been banned, and the US has issued sanctions against banks, energy firms, shipping companies and weapons makers. Sanctions have also been imposed on Russian oligarchs and their personal property, including yachts.

Even Iran, a backer of Moscow and itself under heavy US sanctions, has said Russia should consider ending the war.

Mr Trump told a conservative political convention in 2023: “Before I even arrive at the Oval Office, I will have the disastrous war between Russia and Ukraine settled. It will be settled quickly.”

He repeated claims that he would end the war either as a candidate or president-elect during a debate with former vice president Kamala Harris and in other appearances.

Mr Trump also told UK television station GB News that he “could end the Ukraine war in 24 hours” and that the “deal would be easy”.