Furthermore, the sanctions on Russia are far from the most extreme any nation has faced, as the EU is still too dependent on Russian energy for a complete break.

Russia has rejected President Trump's "ultimatum" for Moscow to sign a ceasefire deal to end the war in Ukraine within 50 days on Tuesday as "unacceptable," calling for continued negotiations and insisting that the invasion ordered by President Vladimir Putin would continue until its goals are achieved.

Donald Trump’s remarks on Ukraine on Monday were far from the biggest announcement the US president could have made.

"At the same time, EU policymakers say that they are preparing the most punitive sanctions package since 2022 – this marks a renewed turn in sentiment, after earlier hesitation to revisit measures such as lowering the price cap on Russian oil (which faced internal vetoes).

Sen. Lindsey Graham said "a turning point regarding Russia invasion of Ukraine is coming" amid a bipartisan effort in Congress to impose new economic sanctions on the Kremlin.

The sanctions are clear, powerful, and multi-stage. The Biden administration’s extensive sanction proposals were developed in coordination with Senate Foreign Relations Committee Chair Bob Menendez of New Jersey, a Democrat. Menendez and his Senate colleagues developed bi-partisan legislation to impose sanctions that will damage the Russian economy deeply and quickly if Russia invades Ukraine.

EDWARD FISHMAN is a Senior Research Scholar at Columbia University’s Center on Global Energy Policy and the author of Chokepoints: American Power in the Age of Economic Warfare. He served as Russia and Europe Sanctions Lead and as a member of the Policy Planning Staff at the U.S. Department of State during the Obama administration.

On October 14, the Department of Treasury, Commerce, and State issued a report detailing how American sanctions and export controls have severely limited Russia’s ability to wage its war in Ukraine.

Shares of energy companies fell alongside oil futures as President Trump gave Russia 50 days to comply with demands for a cease-fire. Trump said he would impose tariffs of up to 100% on Russia if the Kremlin doesn't agree to halt hostilities in Ukraine during that time frame.