US weighs easing Russian oil sanctions as Putin warns of global energy crisis following Iran conflict, with leaders holding first call this year.
MOSCOW: US President Donald Trump and Russian counterpart Vladimir Putin discussed the war in Iran and prospects for peace in Ukraine during a phone call on Monday. The conversation, the leaders’ first this year, came hours after Putin warned that the US-Israeli attack on Iran had triggered a global energy crisis.
The Kremlin said the call covered Russian ideas for a speedy end to the conflict in Iran, the military situation in Ukraine, and the impact of Venezuela on the global oil market. Trump described it as a “very good call” and said Putin wanted to be helpful on Iran.
“I said, ‘You could be more helpful by getting the Ukraine-Russia war over with. That will be more helpful,'” Trump told a press conference.
Putin had earlier cautioned that oil production dependent on transport through the Strait of Hormuz could soon come to a halt following the attack. He stated Russia, the world’s second-largest oil exporter, was ready to work again with European customers if they wanted to return to long-term cooperation.
Amid the turmoil, Trump’s administration is considering reducing oil sanctions on Russia, with an announcement possible as soon as Monday, according to three sources. The move would aim to boost world oil supplies after massive disruptions to Middle East shipments.
This could complicate US efforts to deprive Russia of revenue for its war in Ukraine. Talks could cover broad sanctions relief or more targeted options for countries like India to buy Russian oil without fear of US penalties, the sources said.
Kremlin foreign policy aide Yuri Ushakov said the discussion with Trump was “very substantial”. He added that Trump believed it was in the US interest to see a “rapid end to the conflict in Ukraine with a ceasefire and a long-term settlement”.
Ushakov said the advance of Russian troops in Ukraine should prompt Kyiv to seek a negotiated end to the conflict. The US-Israeli attack on Iran triggered the biggest spike in oil prices since Russia’s 2022 invasion of Ukraine, as Gulf producers reduce output.
