Prepared for more restrictive measures against Russia, declared Trump

The international community is ramping up pressure on Russia over its involvement in the ongoing Ukraine conflict, with several nations preparing to impose new sanctions.

US President Donald Trump has announced his readiness to impose further sanctions on Russia, following accusations that Russian President Vladimir Putin has delayed a direct meeting with Ukrainian President Volodymyr Zelensky. The details of these new sanctions have not yet been disclosed, but Trump has criticised European countries for their oil deals with Russia, stating that they finance Russia's war against Ukraine.

The European Union is also preparing to support further sanctions against Russia. The 18th sanctions package is being prepared, targeting Moscow's energy revenues and military industry. This includes banning transactions with the Nord Stream gas pipeline and banks involved in sanction evasion, as well as lowering the price cap on Russian crude oil from $60 to $45 per barrel. Several European officials led by EU sanctions coordinator David O'Sullivan will attend a meeting at the US Treasury Department on Monday to discuss these economic pressures on Russia.

Despite a significant decrease in Europe's oil deals with Russia in recent years, these have not been completely halted. The Russian Druzhba oil pipeline continues to transport oil towards Hungary and Slovakia. However, the US has been imposing additional tariffs of 25 percent on Indian products since last week due to its oil dealings with Russia. So far, India is the only trading partner of Russia against which the US has imposed tariffs in the context of the Ukraine conflict.

Trump had previously hinted at additional plans beyond tariffs against India due to its business dealings with Russia. The US views sanctions as a means to pressure Russian President Vladimir Putin and achieve a peaceful resolution in the Ukraine conflict.

Despite diplomatic efforts, so far these measures have not yielded any significant results. The Russian economy, however, is expected to face increasing pressure as more nations join the sanctions effort. US Treasury Secretary Scott Bessent is ready to increase the pressure on Russia and needs the support of European partners.

The EU imposed far-reaching import bans on Russian energy carriers such as coal and oil after Moscow's attack on Ukraine in 2022, but these do not extend to oil transported via pipelines. The Russian government has warned that if the US and EU intervene and impose further sanctions and introduce tariffs for countries buying Russian oil, the Russian economy will collapse.

In the midst of these escalating tensions, Trump has also called on European countries to put pressure on China. The impact of these sanctions and tariffs on the global economy and geopolitical landscape remains to be seen.