Prepared for Additional Penalties Against Russia: Trump
The ongoing Ukraine conflict has prompted both the US and the EU to consider imposing new sanctions on Russia.
After Moscow's attack on Ukraine in 2022, the EU imposed far-reaching import bans on Russian energy carriers such as coal and oil. However, these restrictions do not extend to oil transported via pipelines.
Meanwhile, the US has imposed additional tariffs of 25% on Indian products due to its oil deals with Russia. This makes India the only trading partner of Russia against which the US has imposed tariffs in the context of the Ukraine conflict.
US President Donald Trump has been vocal about his disapproval of European NATO members continuing to purchase Russian oil. He has specifically called out Hungary as a major Russian oil importer, demanding that all NATO countries stop buying Russian oil to join new U.S. sanctions against Russia.
Trump has hinted at plans for a "Phase 2" and "Phase 3" of sanctions beyond the tariffs imposed on India. However, the US has not yet provided details about these potential new sanctions.
US Treasury Secretary Scott Bessent has stated that the US is prepared to increase pressure on Russia, but needs the support of its European partners. He suggests that imposing further sanctions, such as introducing tariffs for countries buying Russian oil, would cause the Russian economy to collapse, forcing Russian President Vladimir Putin to the negotiating table.
European officials led by EU sanctions coordinator David O'Sullivan are scheduled to visit the US Treasury Department on Monday to discuss various forms of economic pressure on Russia, including new sanctions. According to EU statements, Europe's oil deals with Russia have significantly decreased in recent years but are not completely stopped.
Trump's diplomatic efforts to resolve the Ukraine conflict have been unsuccessful so far. Putin has been accused of stalling a direct meeting with Ukrainian President Volodymyr Zelensky.
The Russian Druzhba oil pipeline continues to transport oil towards Hungary and Slovakia. The US sees sanctions as a means to pressure President Putin and achieve a peaceful solution to the Ukraine conflict.
The situation remains fluid, with both the US and the EU continuing to evaluate their strategies and seek international support for their efforts to resolve the Ukraine conflict and impose pressure on Russia.
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