Trump says US could reinstate sanctions on Russian oil

EVIAN-LES-BAINS, France — U.S. President Donald Trump said Tuesday that Washington could reinstate sanctions on Russian oil as part of a renewed pressure campaign against the Kremlin by the G7 leading economies.

The U.S. had suspended sanctions on Russian oil to try to bring down global energy prices that skyrocketed as a result of its war with Iran, but oil prices dropped after the two sides agreed to a truce over the weekend.

“We took sanctions off because obviously we're not looking to impede the oil. But we're in a position to do that soon,” Trump told reporters as he met United Arab Emirates President Mohamed bin Zayed al-Nahyan on the sidelines of this year’s G7 leaders’ summit in Evian-les-Bains, France.

Trump's comments came after heads of government from the G7 and European Union met with Ukrainian President Volodymyr Zelenskyy to discuss the war, which is in its fifth year. Four European officials with direct knowledge of the talks said the leaders agreed to increase economic pressure on Moscow and force Russian President Vladimir Putin to the negotiating table.

Trump said he met with French President Emmanuel Macron and Ukrainian President Volodymyr Zelenskyy, and added that he planned to hold bilateral talks with Zelenskyy later on Tuesday.

Heading into the summit, some European officials expressed concerns that Trump, now freed from spending much of his focus on the Middle East, could derail efforts to pressure the Kremlin.

But an Italian diplomat said the seven heads of government and European Union leaders present at the Tuesday morning meeting were united “on stepping up pressure on Moscow,” and an EU official said “the U.S. were very positive towards Ukraine in the session.”

Other G7 members are pushing ahead with their own moves targeting Russia. The United Kingdom hit Moscow with fresh energy sanctions on Monday, while Canada unveiled its own measures following a meeting between Zelenskyy and Prime Minister Mark Carney on Tuesday.

Those sanctions “will target a total of 162 individuals, entities, and vessels — all assets of the Russian war machine,” the Canadian government said.

European Commission President Ursula von der Leyen last week presented the bloc's 21st sanctions package, which targets Russia's banking, energy and trade sectors. Included in the package, which is currently being negotiated, is a proposal to freeze the current price cap on purchases of Russian oil at $44 per barrel.

Sue Allan contributed to this report.