Trump announced that the USA could reimpose sanctions on Russian oil exports

American President Donald Trump declared on Tuesday, at the G7 summit in France, that Washington could soon reimpose sanctions on Russian oil exports. These sanctions had been relaxed to help stabilize global energy markets, affected by disruptions caused by the war in Iran. Trump stated that the U.S. is in a favorable position to act quickly, without specifying an exact timeline.

Global hydrocarbon prices have risen significantly following U.S. and Israeli attacks on Iran, which led to the closure of the Strait of Hormuz, a crucial route for oil transport. The relaxation of sanctions allowed for the temporary sale of Russian oil already at sea, but critics argue that this measure has financially supported Russia, which uses its oil revenues to fund the war in Ukraine. The U.S. maintains sanctions against the Russian oil sector, and companies that collaborate with Russia may also be sanctioned.