Former US President Donald Trump has threatened to impose secondary sanctions on Russian oil exports, a step that would have a major impact on big buyers such as India and China. In a phone interview with NBC News, Trump said he would be open to “secondary tariffs” on Russian oil if there is no ceasefire with Ukraine.
“I was angry about it. But if a deal isn’t done, and if I believe it was Russia’s fault, I’m going to impose secondary sanctions on Russia,” Trump said to NBC, in reference to limitations on ‘all oil coming out of Russia’. He also spoke of talking with Russian President Vladimir Putin.
According to Bloomberg, Trump expressed frustration with Putin, particularly over the Russian leader’s suggestion of installing new leadership in Ukraine. “New leadership in Ukraine means you’re not going to have a deal for a long time, right?” Trump remarked.
Trump elaborated further on his proposal, threatening penalties to nations that buy Russian oil. “That would be that if you buy oil from Russia, you can’t do business in the United States,” he said. “There will be a 25% tariff on all – on all oil, a 25 to 50-point tariff on all oil.”
Impact on India and China
As two of the biggest purchasers of Russian oil since the outbreak of the Ukraine war, India and China might have to make difficult decisions under Trump’s suggested policy. The new tariff threat is in addition to current concerns from Trump’s April 2 reciprocal tariff drive on several nations. His sanctions might compel these countries to make a choice between keeping energy relations with Russia or keeping their economic relations with the U.S.
Russia-Ukraine Truce Efforts
Through Trump’s words, mediations toward resolving the conflict between Russia and Ukraine are still ongoing. This week, America revealed that the two countries agreed on a truce in the Black Sea during the process toward a cessation of war. A ceasefire was committed to by Ukraine immediately, and Russia insisted that sanctions against its Agricultural Bank (RSHB) and banking institutions engaged in international trade should be lifted.
