Trump Prepares Additional Penalties Against Russia
In an effort to exert pressure on Russian President Vladimir Putin and achieve a peaceful resolution in the ongoing Ukraine conflict, U.S. President Donald Trump has announced potential new sanctions against Russia. These sanctions are part of a planned "Phase 2" and "Phase 3", beyond the recent tariffs imposed on India.
According to U.S. Treasury Secretary Scott Bessent, the U.S. views sanctions as a means to put pressure on Putin. However, Trump has not provided specific details about the new sanctions, leaving their implementation and timing unclear.
Bessent has expressed that the support of European partners is needed for further sanctions and tariffs. In response, Trump has reportedly called on European countries to end their oil business with Russia and put pressure on China. However, EU statements indicate that Europe's oil business with Russia has decreased significantly but not been completely stopped. The far-reaching import bans on Russian energy carriers like coal and oil imposed by the EU do not apply to oil transported via pipelines.
The Russian Druzhba oil pipeline continues to transport oil towards Hungary and Slovakia. Meanwhile, the EU has stated that if the U.S. and EU impose sanctions and tariffs on countries buying Russian oil, the Russian economy could collapse, according to Bessent.
So far, Trump's diplomatic efforts on this front have been unsuccessful. A meeting between Putin and Ukrainian President Volodymyr Zelensky is expected to take place "within the next two weeks" from mid-August 2025, as stated by German Chancellor Friedrich Merz. However, Putin has been accused of stalling a direct meeting with Zelensky.
In the meantime, Bessent will meet with European representatives on Monday to discuss the potential new sanctions. Trump has stated that he is capable of imposing further sanctions on Russia, but the specific details are yet to be revealed. The U.S. imposed tariffs on India due to its business dealings with Russia, but this is a separate issue from the potential new sanctions against Russia.
Trump has criticized European countries for their oil business with Russia, but it remains to be seen whether the new sanctions will be enough to persuade Putin to help resolve the Ukraine conflict peacefully. The potential impact of the sanctions on the Russian economy and the global oil market is a topic of ongoing discussion and concern.
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