US President Donald Trump said on Friday that he is "strongly considering" imposing sweeping sanctions, including ones on banking, and tariffs on Russia until a ceasefire and peace agreement is reached with Ukraine.

Trump has also paused military aid and intelligence sharing to Ukraine to pressure Kyiv to accept a ceasefire deal after an explosive Oval Office meeting with Ukrainian President Volodymyr Zelenskiy a week ago.

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

Trump has faced criticism for doubling down on Ukraine, including his comment last month that Kyiv, not Russia, was responsible for starting the war.

Trump's threat to impose sanctions and tariffs on Russia comes days after Reuters reported that the White House was drawing up a plan to potentially give Russia sanctions relief as part of the administration's push to end the war and improve diplomatic and economic relations with Moscow.

Russia, one of the world's biggest oil producers, is subject to thousands of sanctions imposed by the United States and partners after its invasion of Ukraine in February 2022.

US sanctions on Russia include measures aimed at limiting its oil and gas revenues, including a cap of $60 per barrel on Russia's oil exports.

In Washington's toughest-yet measures, former President Joe Biden also hit Moscow with sanctions on Russian energy companies and vessels that shipped its oil on January 10, followed by sanctions on 250 targets, including some based in China, to crack down on Russia's evasion of earlier US sanctions.

Those measures included fresh sanctions on almost 100 critical Russian entities - including banks and companies operating in the country's energy sector - that were previously sanctioned by the United States, increasing their secondary sanction risks.