Donald Trump has threatened to impose huge secondary sanctions on all buyers of Russian oil if Vladimir Putin continues to delay a ceasefire agreement in Ukraine.
Mr Trump said he was “very angry” and “pissed off” at Mr Putin’s suggestion that the government in Kyiv would have to change before any peace deal can be signed.
He said there would be “a 25 to 50-point tariff on all oil” if a deal is not made between Russia and Ukraine and “if I think it was Russia’s fault”.
China and India are the countries most likely to be affected if the US president follows through with the threat, having emerged as the biggest buyers of discounted Russian oil since the start of the Ukraine war.
Until now, limited sanctions on Russian oil have reduced the amount of money flowing into Mr Putin’s war chest without putting a stop to the trade altogether, a move that would have a devastating impact on the global market.
Mr Trump’s sharp comments on Sunday represented a notable shift in his tone towards Russia since starting his second term.
“If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia’s fault … I am going to put secondary tariffs on oil, on all oil coming out of Russia,” Mr Trump said.
“That would be, that if you buy oil from Russia, you can’t do business in the United States. There will be a 25 per cent tariff on all oil, a 25- to 50-point tariff on all oil.
“Anybody buying oil from Russia will not be able to sell their product, any product, not just oil, into the United States.”
William Reinsch, a former senior Commerce Department official now at the Center for Strategic and International Studies, said the haphazard way Mr Trump was announcing and threatening tariffs leaves many questions unanswered, including how US officials could trace and prove which countries were buying Russian oil.
India has surpassed China to become the biggest buyer of seaborne Russian crude, which comprised about 35 per cent of India’s total crude imports in 2024.
