Russia-Ukraine Conflict: Sanctions & Oil Prices
Tensions have risen after President Donald Trump imposed sanctions on Russia’s top two oil refineries, which Russian official Dmitry Medvedev called an “act of war.”
President Vladimir Putin warned that the sanctions would not just harm Russia’s economy but would also cause global oil prices to spike, leading to inflation, as Russia and Saudi Arabia are major exporters.
- Lower oil supplies → Price will increase if the demand persists.
Meanwhile, the White House also stated that “It is up to Trump if there will be more,” saying that if Russia continues to reject the ceasefire agreement, US President Donald Trump will continue to pressure through sanctions. As a result, the planned U.S.-Russia summit meeting was postponed by both parties.
Meanwhile, the EU is very happy with Trump’s decisions this time, while Ukrainian President Volodymyr Zelensky is now seeking long-range weaponry from the EU leaders and the use of frozen Russian assets to boost weapons production.
US-China
There is not much development on this trade war, except for reclarifying the meeting date, which both US President Donald Trump and Chinese President Xi Jinping are scheduled for next Thursday.
Recap other Trump tariffs
- US-India: slash US tariffs on Indian goods from the current 50% to 15-16%.
- The White House is easing tariffs on the US auto industry, albeit some tariffs will still be in effect on October 01st, such as kitchen cabinets/vanities and timber/wood products.
