The US might reinstate sanctions against Russian oil, confirms Trump
The US is considering the possibility of reinstating sanctions against Russian oil, stated US President Donald Trump during the G7 summit. Such a decision might be taken considering changes in the global oil market.
During the G7 leaders’ summit, US President Donald Trump expressed the intention of returning to sanctions against Russian oil, which had previously been alleviated. According to him, the reinstatement of sanctions is possible in the near future, as oil supplies have already been restored. Trump noted that the granting of exceptions for the supply of Russian oil was of a temporary nature.
In March of this year, the US temporarily suspended sanctions for one month, allowing the sale of Russian oil and petroleum products loaded onto ships before March 12th. Later, several new licenses were issued, permitting the supply and sale of Russian energy resources. This was due to the desire to avoid a shortage in the oil market.
Analysts note that a return to stricter sanctions could have a significant impact on the Russian economy, which is largely dependent on oil exports. At the same time, such a policy reflects the US’s aspiration to increase pressure on Russia in an international context.
| Period | Sanction Action |
|---|---|
| March 2020 | Suspension of sanctions |
| April 2020 | Issuance of new licenses |
| June 2020 | Plan to reinstate sanctions |
