President Donald Trump on Wednesday warned he would impose “high levels” of taxes, tariffs and sanctions on Russia unless Russian President Vladimir Putin strikes a deal to end the war in Ukraine, even as trade between the U.S. and Russia has become increasingly limited in recent years.

President Joe Biden's administration says it's expanding sanctions against Russia's critically important energy sector over its war in Ukraine.

Finland's Foreign Minister Elina Valtonen said she believes there'll be a peace deal between Russia and Ukraine this year. "I'm pretty sure there will be a peace agreement this year," said Valtonen, speaking at an event at the World Economic Forum in Davos,