Trump Announces Stricter Sanctions on Russian Oil, Gas, and Banking Sectors

United States President Donald Trump is set to impose additional restrictions on Russia’s oil, gas, and banking sectors.

According to CBS, Trump’s plan aims to restrict Russian access to U.S. payment systems, as reported by four sources familiar with the plans.

On Thursday, March 13, the Treasury Department allowed a 60-day exemption, implemented by the Joe Biden administration in January, to expire.

This exemption had permitted specific energy transactions involving sanctioned Russian banks to continue.

By letting the waiver lapse, these banks will no longer be able to access U.S. payment systems for major energy transactions.

Russian financial institutions previously exempted from sanctions included Vnesheconombank, Bank Financial Corporation Otkritie, Sovcombank, Sberbank, VTB Bank, Alfa-Bank, Rosbank, Bank Zenit, Bank Saint-Petersburg, and the Central Bank of Russia.

The decision to further restrict access to American banking systems will make it more challenging for other countries to purchase Russian oil, thereby limiting its global supply.

This could result in a price spike of up to $5 per barrel, a significant increase after recent weeks of lower prices.

The new restrictions coincide with the Trump administration’s efforts to persuade Russian President Vladimir Putin to accept the terms of a proposed 30-day ceasefire to end the war in Ukraine.