The U.S. government is set to announce significant new sanctions against Russia, according to Treasury Secretary Scott Bessent. This decision comes a day after President Donald Trump canceled plans for a meeting with Russian President Vladimir Putin. Bessent stated, "We are going to either announce, after the close this afternoon or first thing tomorrow morning, a substantial pickup in Russia sanctions." He did not provide details on the specific measures to be implemented.

This announcement reflects a shift in the White House's approach, which has fluctuated between threats and a more conciliatory stance toward Russia. Following a phone call with Putin last week, Trump expressed optimism that Russia wanted to end the war in Ukraine and hinted at a future summit. However, the White House later clarified that there were no immediate plans for a meeting between Trump and Putin, nor for Secretary of State Marco Rubio to meet with Foreign Minister Sergei Lavrov.

In Ukraine, Russian forces have intensified their attacks, launching drone and missile strikes that resulted in the deaths of at least seven civilians, including children. These strikes targeted various locations, including energy infrastructure, as Ukraine retaliated by targeting Russian refineries. Reports indicate that Ukraine used long-range Storm Shadow missiles, provided by the U.K., to strike a chemical plant in Russia's Bryansk region.

Bessent's announcement of new sanctions follows bipartisan pressure on Trump to take stronger action against Russia's oil industry. The sanctions will target Russia's two largest oil companies, Rosneft and Lukoil, along with their subsidiaries. Bessent emphasized the need for an immediate ceasefire, stating, "Now is the time to stop the killing and for an immediate ceasefire."

The U.S. has been cautious in expanding the use of frozen Russian assets to support Ukraine, despite European nations moving forward with such measures. The majority of the €280 billion in frozen Russian assets are held in Europe. The U.S. may coordinate its sanctions announcement with the European Union, which is expected to unveil a new sanctions package that includes an import ban on liquefied natural gas.

Trump has previously threatened new sanctions against Russia but has hesitated to act decisively. His recent comments suggest frustration with Putin's lack of progress in negotiations. Trump stated, "I don’t want to have a waste of time, so I’ll see what happens," indicating his reluctance to engage in a meeting without tangible outcomes.

In a related development, the Senate Foreign Relations Committee has approved a bill granting the U.S. authority to utilize billions of dollars in frozen Russian assets, a move that could significantly pressure Moscow. The bill will now be considered by the full Senate.

As the conflict continues, Ukrainian President Volodymyr Zelenskyy has called for increased international support and sanctions against Russia. He urged the U.S. and its allies to apply pressure on Moscow through coordinated diplomatic efforts and military assistance. Zelenskyy also noted that Trump’s consideration of supplying Tomahawk missiles to Ukraine may have influenced Putin's willingness to engage in discussions.

The situation remains fluid, with ongoing military actions and diplomatic efforts aimed at resolving the conflict. The U.S. and its allies are expected to continue discussions on further sanctions and military support for Ukraine in the coming days.