WASHINGTON: US President Donald Trump said on Sunday he is ready to move to the second stage of sanctioning Russia, remarks suggesting that he is closer to ramping up sanctions against Moscow or its oil buyers in frustration over the war in Ukraine.
Trump has repeatedly threatened Moscow with further sanctions but withheld them as he pursued talks.
His latest comments suggest an increasingly aggressive posture, but Trump stopped short of saying he was committed to such a decision or what such a second phase might entail.
Asked by a reporter at the White House if he is ready to move to the second stage of sanctions against Russia, Trump responded, “Yeah, I am.”
Trump has been frustrated at his inability to bring a halt to the fighting in Ukraine after he initially predicted he would be able to end the war swiftly when he took office in January.
Russia launched its largest air attack of the war on Ukraine overnight, setting the main government building — on fire in central Kyiv and killing at least four people, including an infant, Ukrainian officials said on Sunday.
On Thursday, Trump told European leaders that Europe must stop purchasing Russian oil that he said is helping Moscow fund its war against Ukraine.
Read more: Trump to Europe: Stop buying Russian oil, put pressure on China
INCREASED OIL PRODUCTION
On the other hand, Sunday also saw eight key members of the OPEC+ alliance said they have agreed to again boost oil production, in a sign of the ongoing global trade war as the major producers are ready to slash profits to secure bigger share in the global market.
Oil ministers in the V8 grouping — comprising Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — decided to increase daily production by 137,000 barrels a day from next month, they said in a statement.
Hence, even two major US allies Saudi Arabia and the United Arab Emirates are among those increasing oil production along with Russia.
In fact, the two wealthy Gulf States have been pressing for increasing their oil production share under the OPEC quota to meet the expenditure on modernising their economies.
It’s a developing story. Details to follow.