Could US ‘second phase’ sanctions really hurt Putin?

US president Donald Trump said he is ready to move into a second phase of Russian sanctions after Moscow hit Ukraine with its largest air attack of the war.

- STEFFIE BANATVALA

On Sunday, Mr Trump signalled he may finally escalate sanctions on Moscow or its oil buyers, which he has so far delayed to pursue peace talks.

The European Union followed yesterday with confirmation it is coordinating new sanctions with the US, echoing US treasury secretary Scott Bessent's comments that Washington would need “European partners to follow us” if they were to exert further economic pressure.

After repeatedly vowing to end the war within 24 hours, the US leader has grown increasingly frustrated with Putin as fighting continues to intensify.

What sanctions are already in place?

Under the Biden administration, the US targeted Russia's central bank, major lenders, biggest financial institutions and some oligarchs. It also restricted companies from raising money through the US market, including leading natural gas company Gazprom and oil producer and refiner Gazprom Neft.

Before Mr Trump entered his second term in office, President Biden blacklisted 183 vessels involved in Russian energy exports. Last month, Mr Trump slapped 50 per cent tariffs on Indian exports to the US over its purchase of Russian oil.