Former President Donald Trump has warned of secondary sanctions on Russia’s energy sector if an agreement on a ceasefire in Ukraine remains unattainable between Washington and Moscow.
In an exclusive interview, Trump stated, “If Russia and I are unable to reach a deal to stop the bloodshed in Ukraine, and if I believe Russia is to blame—although it may not be—I will impose secondary tariffs on Russian oil.”
Trump also voiced his frustration over Russian President Vladimir Putin’s remarks regarding the legitimacy of Ukrainian President Volodymyr Zelensky’s government. Putin has repeatedly suggested that any peace deal must include a change in Ukraine’s leadership and that elections in Ukraine are central to the negotiations.
Trump’s proposal for secondary sanctions mirrors the measures previously imposed on Venezuela, where U.S. sanctions targeted its oil exports. He elaborated, “If you buy oil from Russia, you can’t do business in the United States. There will be a 25% tariff on all oil, and potentially even higher, between 25% to 50%.”
Such tariffs would likely drive oil prices higher, given Russia’s prominent role as a global oil exporter. This could contradict Trump’s promises to ensure lower energy costs for Americans. Similar tariffs on Venezuelan oil have already contributed to price hikes, affecting global benchmarks.
Following Trump’s announcement of the sanctions, Venezuelan oil exports slowed, leading to consecutive increases in Brent crude and West Texas Intermediate prices. However, the market started the week with a slight decline in both benchmarks.