Trump's sanctions could trigger a global embargo on Russian oil - The Times

The Times reminded that Trump had previously avoided new economic sanctions on Russia, hoping to negotiate with Russian President Vladimir Putin. But this week, his rhetoric shifted sharply. The US President said he is tired of Putin's lies.

At the same time, the US Senate is discussing a bipartisan bill introduced by Senators Lindsey Graham and Richard Blumenthal. The bill proposes a 500% tariff on all goods from countries that purchase energy from Russia. Trump had called the bill excessive, but now says he is carefully considering the idea.

Effectively, these are secondary sanctions aimed less at Russia itself and more at its top buyers. China, India, and Türkiye could face serious consequences. The restrictions could also cripple the shadow fleet of tankers that transport Russian oil, circumventing sanctions.

The 500% tariffs on goods from Kremlin energy buyers could effectively equal a global embargo on Russian oil, Maximilian Hess from the Foreign Policy Research Institute told The Times. However, the expert doubts Trump will take this step, as oil prices could jump to $100 per barrel.

Hess added that unless Trump decided the threat from Russia outweighed the economic losses, he would not support the measure.

The Graham sanctions and Trump's announcement

Amid his criticism of Russia, Trump announced a "major statement" on Russia scheduled for July 14. The announcement is expected to concern new sanctions — the so-called Graham bill.

Republican Senator Lindsey Graham and Democratic Senator Richard Blumenthal introduced the sanctions bill in late April. The bill calls for 500% tariffs on countries buying Russian oil.

According to media reports, Trump is ready to sign the bill. However, there is a catch: Trump wants to control the process of imposing and lifting sanctions personally.

For more details on the bill's contents and the US Congress voting timeline, read RBC-Ukraine's report.