Donald Trump gives ultimatum to Russia as he makes penalties threat in new statement

President Donald Trump has told Russia and Ukraine to 'get to the table right now' after revealing he's considering implementing banking sanctions and tariffs on Russia.

Taking to his Truth Social platform, Trump explained Russia and Ukraine must come to a settlement agreement 'before it is too late'.

"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," he wrote.

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

Trump's comments come after Ukraine suffered an overnight attack from Russia in multiple locations and using a variety of weapons.

The BBC reports that at least 18 people, including four children, have been injured.

While it's not clear what sanctions Trump could impose, such measures are usually taken to prevent a country from breaking international law.

Since the invasion of Ukraine three years ago, 21,000 sanctions have been imposed on Russia from various countries across the globe, including sanctions related to the country's oil industry.

Trump says he's considering implementing sanctions (Carl Court - Pool/Getty Images)

Just last week, Trump sat with Ukrainian President Volodymyr Zelenskyy where the world leaders discussed a minerals deal and how Russia and Ukraine could reach peace.

After a high profile fall out, in which Trump said Zelenskyy could return when he 'is ready for peace', Trump paused military aid to Ukraine.

A White House official anonymously revealed to Sky News: "President [Trump] has been clear that he is focused on peace.

"We need our partners to be committed to that goal as well. We are pausing and reviewing our aid to ensure that is contributing to a solution."

There is currently no set length in place, while Ukraine has yet to respond to the move, as the pause will go into effect immediately.

Trump has urged Russia and Ukraine to make an agreement (VYACHESLAV PROKOFYEV/POOL/AFP via Getty Images)

The UK government has responded to the latest development, with a spokesperson telling Sky News that ministers are 'absolutely committed' to achieving piece in Ukraine.

"We remain absolutely committed to securing a lasting peace in Ukraine and are engaging with key allies in support of this effort," a UK government spokesperson has said.

"It is the right thing to do, and is in our interest to do so."