In a fiery interview with NBC, President Donald Trump has raised the stakes in the ongoing conflict in Ukraine, threatening secondary sanctions on Russia’s vital energy industry unless a ceasefire deal is brokered.
“If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia’s fault, which it might not be, but if I think it was Russia’s fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia,” Trump declared, emphasising his resolve. The president, who has never been one to shy away from bold statements, added that he was also “pissed off” by comments from Russian President Vladimir Putin, particularly his suggestion that Ukraine’s leadership, including President Volodymyr Zelensky, should be changed for a peace agreement to succeed.
Trump’s proposed sanctions echo tactics he previously used with Venezuela, where secondary tariffs were applied to oil trade in an effort to tighten economic pressure. He explained, “That would be that if you buy oil from Russia, you can’t do business in the United States. There will be a 25% tariff on all oil, a 25- to 50-point tariff on all oil.” This measure, aimed at isolating Russia economically, could have significant consequences, particularly on global oil prices. Given Russia’s major role in global oil exports, the move could drive prices even higher, directly contradicting Trump’s earlier promises to reduce energy costs.
Already, the 25% tariffs on Venezuelan oil have had a noticeable effect on the market, contributing to rising prices. After Trump’s announcement, shipments of Venezuelan oil slowed dramatically, according to a Bloomberg report, sending oil benchmarks like Brent crude and West Texas Intermediate to a third consecutive gain. But the ripple effects weren’t long in coming, with prices dipping at the start of the week.
With Russia’s position as a key oil exporter, the potential for a significant impact on global energy markets is high. It’s a high-stakes game, with Trump positioning himself as the enforcer of tougher measures should Russia fail to make progress toward peace in Ukraine.
