U.S. President Donald Trump is resisting the imposition of new sanctions on Russia, arguing they could harm future economic opportunities between Washington and Moscow, The New York Times reported, citing a senior White House official familiar with the matter.

Following a two-hour phone conversation with Russian President Vladimir Putin on May 19, Trump once again refrained from enacting additional punitive measures against Moscow - even as Putin rejected yet another proposal for a 30-day ceasefire. According to NYT, Trump believes sanctioning Russia at this stage could derail the potential for securing a broader agreement. “I think there's a chance of getting something done,” he said, adding that taking punitive steps now “could also make it much worse.” Still, he left the door open, noting, “there could be a time where that’s going to happen.”

Trump expanded on his position through a post on his social media platform, Truth Social. He characterized a possible peace deal as a “tremendous opportunity for Russia to create massive amounts of jobs and wealth,” describing the country’s potential as “UNLIMITED.” He also argued that Ukraine could reap major benefits through trade, particularly in the context of rebuilding after the war.

A White House official, speaking anonymously to NYT, said Trump sees sanctions as potentially obstructing his broader goal of “maximizing economic opportunities for Americans.” This thinking appears to represent a shift from Trump’s earlier threat on May 8, when he said the U.S. would join its allies in implementing “further sanctions” if Russia did not agree to an unconditional ceasefire. Despite those words, the president has not taken concrete steps to follow through with additional penalties.

European officials have grown increasingly concerned about the U.S. stance. Leaders across the EU have called on Washington to join their efforts in stepping up pressure on the Kremlin. Brussels has already moved forward with additional sanctions in response to Russia’s continued military actions and its refusal to halt hostilities. The response from the White House, however, has remained tepid.

A separate report from Axios on May 20 noted that European leaders were “surprised” at how “relatively content” Trump appeared after his latest conversation with Putin. A call between Trump and key EU leaders that followed did little to reassure them, with one senior European official expressing frustration over Trump’s lack of enthusiasm toward sanctions. “He never seemed invested in joining sanctions on Russia,” the official told NYT. Other European diplomats similarly voiced doubt that the U.S. president would support new sanctions anytime soon.

Despite multiple ceasefire violations from Moscow, Trump continues to promote the idea that a peace deal could pave the way for large-scale economic cooperation between the U.S., Russia, and Ukraine. Still, he has not hidden his irritation over the stalled progress. He has repeatedly warned that if negotiations fail to deliver results, he may disengage entirely.

“Big egos are involved,” Trump said, describing the negotiation process. “But I think something's going to happen. And if it doesn't, I just back away, and they're going to have to keep going.”