&imwidth=800&imheight=600&format=webp&quality=medium "Trump’s U-turn on Russian oil deepens rift between US and European allies")
After over a year of mounting rhetoric about “funding Putin's war” and imposing tariffs on countries purchasing Russian oil, US President Donald Trump on Tuesday (Mar 10) took a U-turn on Moscow's energy exports, stating that Washington will waive some sanctions to boost supply and bring down prices due to upheaval in the global energy market caused by the war in West Asia.
This move came as the war in West Asia entered its 11th day, causing upheaval in energy markets across the world as global oil prices jumped above $100 per barrel for the first time since the start of the Russia-Ukraine war in 2022, marking more than a 50 per cent increase since the start of joint US-Israeli military strikes in Iran on February 28, which resulted in the killing of Supreme Leader Ayatollah Ali Khamenei on the first day of the campaign.
“We're also waiving certain oil-related sanctions to reduce prices,” Trump told reporters after talks with Russian President Vladimir Putin, adding that, “We're going to take those sanctions off till this straightens out.”
The Trump administration also took a U-turn on India after subjecting it to 25 per cent additional tariffs for months over the purchase of Russian oil. However, following the US-Israeli strikes on Iran, Washington urged New Delhi to ramp up imports from Moscow to stabilise global energy prices.
In retaliation, Iran targeted US military bases and strategic locations across Gulf nations, including Qatar, the UAE, Saudi Arabia, and Oman, leading to disruptions across the region. Moreover, Tehran has effectively halted shipping through the Strait of Hormuz, a vital artery for about 20 per cent of the world’s oil supply. In response, major producers such as Iraq, Kuwait, and the UAE have been forced to cut production as their storage tanks reach capacity with limited export routes.
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Trump's decision has again put European allies at odds with the US after the Greenland dispute. The European Union, which is facing soaring energy prices due to the Iran war, opposed Donald Trump's decision to remove sanctions on Russian oil. The bloc has been under pressure from high energy prices since the start of the Russia-Ukraine war in 2022.
“We must continue to exert maximum pressure on Russia,” EU economy chief Valdis Dombrovskis said, warning that easing restrictions would “reinforce Russia's capacity to wage war, undermining Ukraine”.
(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)
