US President Donald Trump said on Tuesday that Washington could soon reimpose sanctions on Russian oil exports that were eased to help stabilize global energy markets following disruptions due to the Iran war.
"Sooner we'll be able to do that, because the oil is now flowing," Trump said at the Group of Seven summit in France when asked about the sanctions. “We’re in a position to do that soon.”
He did not provide a timeline.
Global energy prices surged after the United States and Israel launched attacks on Iran on February 28, which led to the closure of traffic through the Strait of Hormuz, a vital route for global oil shipments.
In response, the US relaxed some sanctions on Russian oil and extended the waiver several times. The temporary exemption only applied to Russian oil that was already aboard tankers at sea when the waiver was granted, allowing the supplies to be sold.
Critics argued that the measure provided a financial boost to Russia, whose oil revenues help fund its war in Ukraine.
The US has maintained sanctions targeting Russia's oil sector for years. Under those measures, countries and companies conducting business with Russia can themselves face sanctions in certain circumstances.
