Trump says US-Russia trade ties hinge on Ukraine peace deal

President Donald Trump says Washington could normalize trade relations with Moscow if all parties agree to end the war in Ukraine. He mentioned that he’ll know “within the first two minutes” of his upcoming meeting with Russian President Vladimir Putin whether a deal to stop the conflict is possible. The two leaders are scheduled to meet in Alaska on August 15. This summit could change U.S.-Russia relations.

Relations between Washington and Moscow worsened significantly after Russia’s full-scale invasion of Ukraine in 2022. In response, the United States implemented extensive sanctions aimed at isolating Russia economically and pressuring the Kremlin to end the war.

The measures initially targeted the financial sector. The U.S. froze $5 billion of the Russian central bank’s assets held in the United States, prohibited American investors from trading Russian securities, and targeted the assets of prominent Russian individuals, including Putin.

Next came energy: Washington banned imports of Russian oil, gas, and coal, and in 2024 added a ban on imports of enriched uranium. Exports of technology like semiconductors and parts for aircraft faced tight restrictions, while sanctions were also placed on Russian diamonds and companies accused of helping Moscow evade penalties.

The trade impact has been significant. U.S. imports from Russia fell to $2.50 billion in the first half of 2025, down from $14.14 billion four years earlier.

Trump is now presenting the Alaska summit as a possible turning point, an attempt to negotiate a ceasefire in Ukraine and reset economic relations with Russia. Whether this goal leads to a handshake remains uncertain.