Official announcements from the Trump administration or major news outlets

Trump Team's Sanctions Strategy Targets Russia-Ukraine Peace, Affects Oil Market

Jan 16, 2025, 01:42 PM

Advisers to U.S. President-elect Donald Trump are developing a comprehensive sanctions strategy aimed at facilitating a diplomatic resolution to the Russia-Ukraine war, according to Bloomberg. The strategy involves two primary approaches: one set of policy recommendations suggests easing sanctions on Russian oil producers as a goodwill gesture to help seal a peace deal if a resolution appears imminent. The second option would involve expanding sanctions to increase pressure on Russia. Concurrently, the Trump team is also evaluating sanctions policies to put pressure on Iran and Venezuela. The plans are in early stages and depend on Trump's final decisions. This comes as the outgoing Biden administration imposed significant sanctions on Russia's oil trade, impacting global oil prices. Trump's approach will be crucial for the oil market, with Brent futures having gained nearly $5 per barrel since Biden's measures were announced. The G7 nations are considering tightening the existing $60 per barrel price cap on Russian oil.