Trump lifts some sanctions on Russian oil amid escalating conflicts
Trump announced the lifting of some sanctions on Russian oil, allowing purchases of already loaded crude shipments amidst the escalating conflict in Ukraine and Iran.
EU leaders are considering coordinated sanctions against Russia to mitigate the geopolitical impacts and rising energy prices linked to ongoing conflicts.
Countries are now permitted to purchase previously loaded Russian crude oil following Trump’s recent announcement that temporarily lifts certain sanctions.
Briefing summary
Energy prices are soaring as the Strait of Hormuz remains effectively closed, impacting global fertiliser shipments and increasing grocery costs across Europe.
Trump announced sanctions relief on Russian oil, allowing nations to purchase stranded crude, although Washington insists this excludes new trade benefits for Russia.
This relief may significantly boost Kremlin revenues, estimated at $150 million daily, which could fund military activities amidst escalating geopolitical tensions.
Watch: European Council meets today. What will be discussed – and why it will be war?
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Especially, now that Russia’s war in Ukraine and the US-Israeli war in Iran have become deeply interlinked.
With the Strait of Hormuz effectively closed, energy and petrol costs are soaring. And because that vital waterway handles a massive share of global fertiliser shipments, it also means higher grocery prices for everyone.
To ease the pressure, Trump announced last week that he is lifting some sanctions on Russian oil. The US Treasury issued a temporary permit allowing countries to purchase Russian crude currently stranded at sea.
Washington insists this only applies to already loaded cargo, strictly ruling out new trade or major financial benefits for Russia.
The bitter irony? Since Trump’s decision, oil prices have not drastically fallen. But European security has.
And this sanctions relief could hand the Kremlin a staggering 150 million dollars a day. That single day of revenue buys up to 7 thousand Iranian-designed Shahed drones or funds sign-up bonuses for 5,000 new Russian soldiers. Every single day.
After bashing traditional diplomacy, Trump is disappointed Europe is not rushing to help secure the Middle East.
But as EU leaders gather in Brussels just days after the Ides of March, they know a political backstabbing when they see one.
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