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President Donald Trump announced on Saturday that he is “ready to do major Sanctions on Russia” but only after all the North Atlantic Treaty Organization (NATO) countries commit to identical measures and halt Russian oil purchases.
Trump’s conditional approach requires unified NATO action before imposing economic penalties, according to a CNBC report. The president criticized that “NATO’S commitment to WIN has been far less than 100%” while targeting continued Russian oil purchases by Hungary and Slovakia.
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Treasury Secretary Scott Bessent endorsed the strategy, stating, “only with a unified effort that cuts off the revenues funding Putin’s war machine at the source will we be able to apply sufficient economic pressure.”
Trump urged NATO countries to impose “50% to 100% TARIFFS ON CHINA,” claiming these would “break” China’s “strong control, and even grip, over Russia.” The tariffs would be withdrawn only after the Russia-Ukraine conflict concludes.
Trump has previously threatened sanctions on Russia but held back, hoping to broker a peace deal. Recent Trump-Putin talks in Alaska ended without concrete agreements, with Trump saying “we’ve made some headway” but “there’s no deal until there’s a deal.”
According to reports, Chris Weafer of Moscow-based Macro-Advisory suggests Trump’s reluctance stems from concerns that defeating Russia could push Moscow “even further all-in with China,” strengthening Beijing’s position.
Ukrainian President Volodymyr Zelenskyy has also urged allies to “stop looking for excuses not to impose sanctions,” emphasizing reduced Russian oil consumption would “definitely reduce Russia’s ability to fight.”
Oil markets showed mixed signals recently, with United States Oil Fund LP (NYSE:USO) gaining 0.42% while SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) declined 0.94%, reflecting uncertainty over potential supply disruptions.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
