“Trump’s team is considering lifting the oil price cap if negotiations with Russia progress – BloombergAdvisors to the US president are exploring the possibility of lifting some sanctions against Russia, including the oil price cap.
Such changes could occur if there is progress in negotiations to end the war in Ukraine.”, — write: unn.ua
Details
The possible move marks another sharp divergence in policy between Washington and its allies in London and Brussels, where officials have noted that they will not prematurely lift sanctions against Russia imposed after its full-scale invasion, sources said.
The prospect of the United States easing some restrictions against Russia does not prevent Washington from “tightening the screws” on Moscow through separate measures, people say. Trump stated on Friday that he is “seriously considering” banking sanctions as well as tariffs against Russia, while U.S. Treasury Secretary Scott Bessent said the administration would not hesitate to go “all in” if it provides leverage in peace negotiations.
The U.S. has publicly made it clear that easing sanctions will not occur until a formal agreement is reached, while European officials expect Washington to first consider the possibility of using exceptions rather than a complete lifting of restrictions.
The price cap on Russian crude oil exports set by the G7 countries in 2022 at $60 per barrel was intended to deal a heavy blow to an economy reliant on resources. Among other measures, Moscow has assembled a “shadow fleet” of mostly old tankers that have no ties to Western countries, allowing it to maintain supplies to major consumer countries like India and China.
While British and European officials have raised objections to lifting the price cap, they acknowledged that the emergence of Russia’s “shadow fleet,” which is now estimated to handle a large portion of the country’s oil trade, has weakened the impact of the price cap. Last month, Bloomberg reported that the G7 is considering adapting its strategy.
Any changes in U.S. policy could have serious implications for how Europe regulates trade. The EU has imposed a ban on the transportation of Russian oil by sea to third countries, focusing on restricting access to services such as insurance, with an exception for cargo sold in compliance with the price cap. If the price cap were lifted, the embargo would come into full effect.
The first “barometer” of the Trump administration’s approach to sanctions against Russia will appear next week when the general license allowing the winding down of energy purchases from the country expires. If the U.S. Treasury allows the expiration of the exemption for certain transactions, it could increase pressure on the Kremlin.
US is considering how quickly to ease sanctions against Russia in the energy sector – Reuters08.03.25, 09:04 • 42492 views