Trump Hardens Line On Russian Oil - Demands Europe Stop Buying & Urges Pressure On China To Follow Suit

(MENAFN- Live Mint) US President Donald Trump on Thursday urged European leaders to immediately stop buying Russian oil, arguing that continued purchases were helping Moscow finance its war against Ukraine.

According to a White House official, President Trump made the remarks during a call with the“Coalition of the Willing” , a group of nations led by French President Emmanuel Macron, convened to discuss fresh measures to support Ukraine in repelling Russian forces.

“President Macron and European leaders called President Trump into their 'Coalition of the Willing' meeting,” the official said.

Also Read | Trump defends sanctions on India over Russian oil purchases, hints more to come

“President Trump emphasised that Europe must stop purchasing Russian oil that is funding the war - as Russia received 1.1 billion euros in fuel sales from the EU in one year. The president also emphasised that European leaders must place economic pressure on China for funding Russia's war efforts.”

Trump Calls for Coordinated Economic Pressure

President Trump's intervention marks an escalation in Washington DC's push to cut off Kremlin revenue streams . By urging Europe to stop importing Russian oil, Trump highlighted the critical role of energy sanctions in weakening Russia's war machinery.

In addition to pressing European countries, Trump called on the EU to lean on China to curb its own imports of Russian oil - a move aimed at closing a key financial lifeline for Moscow.

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Meanwhile, Finland's President Alexander Stubb joined the discussions and stressed the need to reduce the price cap on Russian oil even further.

“I stressed that we should push the price gap on Russian oil as low as possible,” the Finnish leader stated, signalling growing European resolve to squeeze Moscow's energy revenues.

Also Read | Russian oil trade: Discounts may continue at current levels post new price cap EU-Russia Energy Tensions Intensify

The European Union has been grappling with how to balance its energy needs with sanctions against Russia. Despite multiple rounds of penalties, EU member states remain significant buyers of Russian oil, creating tensions within the bloc and with its allies.

Oil Prices Dip as OPEC Considers Fresh Output Hike

Oil prices fell after reports that OPEC may discuss another production increase at its meeting this weekend.

West Texas Intermediate crude dropped 2.5%, settling just below $64 and wiping out Tuesday's gains. The decline was worsened by weaker-than-expected US economic data, raising concerns over future demand.

Also Read | Nayara refinery to be hit hard by EU sanctions on Russian oil

Saudi Arabia and its allies have not yet decided on their next steps after a rapid 2.5 million barrels-a-day boost agreed at the previous meeting. Reuters reported that further hikes are under consideration, while delegates told Bloomberg that“all options remain on the table.”

Prices later pared some losses after US President Donald Trump said he has not moved to“phase two” or“phase three” following penalties on India for buying Russian oil.

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