Washington DC - Vice President JD Vance threatened Russia with further sanctions and even possible US military action if the Kremlin doesn't agree to a lasting peace deal in Ukraine.

"There are economic tools of leverage, there are of course military tools of leverage" the US could use against Russian President Vladimir Putin, Vance told the Wall Street Journal.

The interview was published ahead of Vance's scheduled speech at the Munich Security Conference, where he is also set to meet with Ukrainian President Volodymyr Zelensky.

"There are any number of formulations, of configurations, but we do care about Ukraine having sovereign independence," Vance said.

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However, it is still too early to say how much of the Ukrainian territory will remain in Russian hands or what security guarantees the US and other NATO allies could give Kyiv.

These details would have to be clarified as part of the peace talks, said Vance.

Shortly beforehand, President Donald Trump had announced that he wanted to hold talks with Putin about peace in Ukraine.

"I think there is a deal that is going to come out of this that’s going to shock a lot of people," Vance told the newspaper.

"The president is not going to go in this with blinders on," he added. "He's going to say, 'Everything is on the table, let's make a deal.'"