Charles Maynes

Russia and Ukraine held a third round of peace talks in Istanbul, Turkey on Wednesday. But despite warnings by President Trump to impose sanctions on Russia, the two sides failed to make any significant progress towards a ceasefire agreement.

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The two sides made little progress toward a ceasefire — despite President Trump's threats of harsh new economic penalties on Moscow should it fail to agree to a deal by early September.

President Trump says his conversations with Russia's Putin have led him to doubt Putin's interest in a ceasefire. Now, Trump has threatened harsh measures if Russia doesn't make a peace deal.

President Trump threatened to punish Russia with heavy tariffs on countries that trade with Moscow if the Kremlin fails to reach a ceasefire deal with Ukraine, while promising Kyiv weapons.

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A promise of a major announcement comes amid President Trump's growing frustration with Russia over U.S.-backed efforts to negotiate an end to the war in Ukraine.

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Officials from Russia and Ukraine met for a second round of peace negotiations in Istanbul. The discussions come after a surprise Ukrainian drone attack on remote Russian air bases Sunday.

Officials from Russia and Ukraine in Istanbul on Monday failed to reach a ceasefire but agreed to exchange more prisoners.