WASHINGTON - US President Donald Trump said on Friday that he is "strongly considering" imposing sanctions on Russia until a ceasefire and peace agreement is reached with Ukraine.

"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," Trump said on Truth Social.

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

The threat from the president came as the US and Russian teams have been engaging in negotiations aimed at ending the conflict in Ukraine and normalizing ties between Washington and Moscow on a broader scale.

It also followed the announcement from both the United States and Ukraine that the two countries will hold talks next week in Saudi Arabia on a ceasefire and a framework for peace with Russia.

Steve Witkoff, Trump's special envoy for Middle East, told reporters Thursday outside the White House that the "idea" for the US-Ukraine talks "is to get down a framework for a peace agreement and an initial ceasefire as well."

"Next Monday, I have a visit planned to Saudi Arabia for a meeting with the Crown Prince. After that, my team will stay in Saudi Arabia to work with our American partners," Ukrainian President Volodymyr Zelensky said Thursday on social media.

Saudi Arabia's foreign ministry welcomed the scheduled talks, which would take place in the country's second-largest city of Jeddah on the coast of the Red Sea, the ministry said in a brief statement on Friday.

"The Ministry affirmed the Kingdom's continued efforts to achieve lasting peace to end the Ukrainian crisis," the statement said.

On Thursday, Trump said when sharing his thoughts with reporters on reaching a Russia-Ukraine peace deal: "I think Ukraine wants to make a deal because they don't have a choice."

"I also think that Russia wants to make a deal because in a certain different way - a different way that only I know - they have no choice either," said the president, who was surrounded by reporters in the Oval Office.