U.S. President Donald Trump unexpectedly shortened his deadline for hitting Russia with the most severe sanctions on its oil exports to date. While the market has called the president’s bluff thus far,

Trump says he’ll impose new economic penalties on Russia in 10 to 12 days if Putin can’t agree to a ceasefire. His “secondary sanctions” would target the oil trade.

President Donald Trump set a new deadline of 10 or 12 days for Russia to make progress toward ending the war in Ukraine or face consequences, underscoring frustration with Russian President Vladimir Putin over the 3-1/2-year-old conflict.