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Trump threatens Russian oil tariffs, says he’s “pissed off” at Putin

Oil pump jack is seen in front of displayed U.S. and Russian flags in this illustration taken, October 8, 2023. — Reuters

US President Donald Trump has warned he will impose secondary tariffs of 25% to 50% on buyers of Russian oil if he believes Moscow is obstructing his efforts to end the war in Ukraine, Reuters reported.

Speaking to NBC News in a Sunday morning interview, Trump said he was “pissed off” at Russian President Vladimir Putin, expressing frustration over a lack of progress towards a ceasefire.

Trump’s remarks followed Putin’s recent criticism of Ukrainian President Volodymyr Zelenskiy, which the US president took as a personal affront to his peace efforts. 

“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,” Trump stated.

He clarified that such measures would mean “if you buy oil from Russia, you can’t do business in the United States,” adding, “There will be a 25% tariff on all oil, a 25- to 50-point tariff on all oil.” Trump indicated that these tariffs could be implemented within a month.

There was no immediate response from Moscow, though Russia has repeatedly dismissed Western sanctions as “illegal” and aimed at economic advantage.

Trump, who spent the weekend in Florida, revealed that he planned to speak with Putin later this week. The Kremlin has acknowledged two publicly known calls between the leaders in recent months, but hinted there may have been additional discussions. The White House has not confirmed when the call will take place or if Trump will also speak with Zelenskiy.

Trump has prioritised ending what he calls a “ridiculous” war, but progress remains slow. Putin recently suggested Ukraine could be placed under a temporary administration to facilitate new elections—an idea Trump has previously supported.

Trump insisted Putin understands his frustration but added, “I have a very good relationship with him” and that his anger “dissipates quickly … if he does the right thing.”

His threats come amid increased trade pressures, including recently imposed secondary tariffs on Venezuelan oil buyers and planned duties on imports from countries with large trade surpluses. The move could particularly affect India and China, both major importers of Russian oil.

Trump also suggested he may impose similar penalties on buyers of Iranian oil unless Tehran agrees to halt its nuclear weapons programme.

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