Donald Trump issues major new threat to Russia and gives ultimatum 'before it's too late'

Donald Trump has threatened to take action against Russia as he urged the country to reach a peace agreement with Ukraine 'before it is too late'.

Trump took to his social media platform Truth Social to share his warning after his tense meeting with Ukrainian president Volodymyr Zelenskyy on February 28, when Trump insisted Zelenskyy was 'gambling with World War three'.

Trump's comments came shortly after the three-year anniversary of Russia's invasion of Ukraine, and just days later the POTUS decided to halt all US aid to Ukraine.

In response, Kremlin spokesman Dmitry Peskov said that if the decision for the US to pause military aid was 'true', then it could 'really encourage the Kyiv regime to (come to) the peace process'.

Trump then announced in his speech to Congress that he had indication from Putin that Russia is ready for peace, saying: "[We] have received strong signals that they are ready for peace. Wouldn't that be beautiful?

"It's time to stop this madness. It's time to halt the killing. It's time to end this senseless war. If you want to end wars, you have to talk to both sides."

It's only been three days since Trump claimed that Russia was 'ready for peace', but the president has now issued a warning against the country if it fails to act.

Donald Trump threatened tariffs against Russia if it doesn't reach a peace deal with Ukraine (MIKHAIL KLIMENTYEV/SPUTNIK/AFP via Getty Images)

In his Truth Social post, Trump once again wielded the threat of tariffs - something he's been talking about a lot lately after taking action against Mexico, Canada and China.

Trump has used tariffs, among other threats, to urge Russia to reach a deal with Ukraine.

He wrote: "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.

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

Trump has urged Ukraine and Russia to come to a deal (Truth Social/@realDonaldTrump)

Ukraine has made clear it is ready to 'work fast to end the war', with Zelenskyy suggesting ideas for the 'first stages' of peace in a post on Twitter after his meeting with Trump.

In the post, he wrote: "[The] first stages could be the release of prisoners and truce in the sky - ban on missiles, long-ranged drones, bombs on energy and other civilian infrastructure - and truce in the sea immediately, if Russia will do the same."

"Nobody wants peace more than Ukrainians," Zelenskyy added. "My team and I stand ready to work under President Trump’s strong leadership to get a peace that lasts."