Trump Prepares for Additional Penalties Against Russia

In recent years, despite EU statements, oil deals between European countries and Russia have persisted, a fact that has not gone unnoticed by the US administration. The current US President, Donald Trump, has been vocal about his disapproval of these deals, particularly in the context of the ongoing Ukraine conflict.

Trump has urged European countries to halt their oil deals with Russia, citing these transactions as a means of financing Russia's war against Ukraine. In mid-July, he threatened to impose tariffs on Russia's trading partners at a rate of approximately 100 percent.

The US views sanctions as a strategic tool to pressure Russian President Vladimir Putin and facilitate a peaceful resolution in the Ukraine war. Trump's diplomatic efforts to resolve the conflict have so far been unsuccessful.

In a recent development, US President Trump criticized Hungary and Slovakia for maintaining oil trade relations with Russia, urging all NATO countries to cease buying Russian oil to impose stronger sanctions. The US has already been imposing additional tariffs of 25 percent on Indian products due to its oil deals with Russia, and Trump has hinted at plans for a "Phase 2" and "Phase 3" of sanctions beyond these tariffs against India.

However, the details about the new sanctions remain unclear, with Trump not providing specifics about when they will be imposed. US Treasury Secretary Steven Mnuchin has stated that the US is prepared to increase the pressure on Russia and needs the support of European partners in this endeavour.

In a move to discuss economic pressure on Russia and potential new sanctions, a meeting is scheduled for Monday at the US Department of the Treasury. EU sanctions coordinator David O'Sullivan and several European officials will attend this meeting, indicating a joint effort between the US and EU to address the issue.

Notably, the Russian Druzhba pipeline continues to transport oil towards Hungary and Slovakia, as the EU's import bans do not extend to crude oil transported via pipelines. This highlights the complexity of the situation, with some countries continuing to engage in oil trade with Russia despite the political tension.

As the situation evolves, it is clear that the US and EU are prepared to impose further sanctions and introduce tariffs for countries buying Russian oil, aiming to pressure Russia and bring about a peaceful resolution in the Ukraine war.