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Trump Team Crafts Oil Sanctions Plan With Two Options for Russia-Ukraine Accord, Targets Iran and Venezuela

Jan 16, 2025, 01:14 PM

Advisers to President-elect Donald Trump are developing a comprehensive oil sanctions strategy aimed at facilitating a diplomatic accord between Russia and Ukraine in the coming months. This strategy also includes plans to intensify pressure on Iran and Venezuela. The approach involves two main options: one set of policy recommendations suggests easing sanctions on Russian oil producers if a resolution to the Ukraine war appears imminent, to encourage a peace deal. The alternative option proposes increasing sanctions to further pressure Russia. The strategy is still in its early stages and depends on Trump's final decision, with discussions involving his Cabinet nominees, former sanctions officials, and conservative think tanks. Brent futures have gained almost $5 a barrel since Biden's measures were announced, impacting the global oil market. The plan also considers tightening sanctions on Iran's oil industry with a maximum pressure strategy and revisiting the aggressive stance towards Venezuela, which was adopted during Trump's first term.