Washington led an international campaign for tough economic penalties after Russia invaded Ukraine in February 2022. Dozens of countries have punished Russian banks, businesses and oligarchs. They froze $300 billion of Russia’s assets, barred it from much of the global financial system and restricted what it could buy and sell.

Donald Trump says he doesn’t like economic sanctions. The U.S. president has however hinted he might use that weapon to force his Russian counterpart Vladimir Putin to the negotiating table and try to strike a deal on Ukraine.