Donald Trump has threatened Russia with taxes, tariffs and sanctions if a deal to end the war in Ukraine is not struck soon, as the new US president tries to increase pressure on Moscow to start negotiations with Kyiv.

Writing in a post on Truth Social on Wednesday, Trump said Russia’s economy was failing and urged Vladimir Putin to “settle now and stop this ridiculous war”.Without a deal, Trump said, “I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries.”

The statement marks Trump’s most detailed efforts yet to end the war in Ukraine. During the election campaign, he said he would end the war “in 24 hours” if elected. “Let’s get this war, which never would have started if I were President, over with! We can do it the easy way, or the hard way – and the easy way is always better,” he said.