US Vice President J.D. Vance stated that the Trump administration is still considering imposing new sanctions against the Russian oil industry to force Moscow to agree to a peace deal with Ukraine, using economic pressure as a “leverage card.”
He stated this in an interview on August 24, writes Washington Times, reports UNN.
Details
Speaking on NBC's "Meet the Press," Vance stated that the US administration is still assessing whether new economic sanctions may be necessary to secure a deal between Russia and Ukraine.
He did not elaborate, but the vice president seemed to be referring to the possibility of imposing secondary tariffs targeting Russian oil exports and countries that buy Russian fuel, mainly China and India, the publication writes.
Analysts believe that such a move would have a significant economic impact on Russia, but could also have serious geopolitical consequences, such as deteriorating relations between the US and India.
After Trump's meeting with Putin and Ukrainian President Volodymyr Zelenskyy, Vance was asked if the administration had taken new sanctions against Russia off the table.
No, sanctions are not ruled out. But we will make these decisions on a case-by-case basis. What we believe will actually have the right impact to bring the Russians to the negotiating table
But again, we don't control Russia's actions. If we did, the war would have ended seven months ago. However, we believe we still have many advantageous cards. The President of the United States still has many advantageous cards to exert pressure and try to end this conflict, and that is what we are going to do.
Trump also noted that new sanctions and secondary duties remain viable options.
Addition
Since December 2022, together with Europe, the US has imposed a price cap on Russian oil - no higher than $60 per barrel. Transport and insurance companies agree to service oil only within this limit. Despite the restrictions, Russia remains profitable: in 2024, oil export revenues amounted to about $192 billion, which forms 30-50% of the federal budget and partially finances the army. The main buyers of crude oil were China (47%) and India (38%).
Additionally
Russia has increased its profits thanks to a "shadow fleet" - vessels without insurance and identification that transport oil at prices above the limit.