US sanctions on Russia possibly to rebound
(MENAFN) According to a CNN report citing analysts, new US sanctions on Russia could backfire and hurt the American economy by driving up inflation, energy prices, and import costs. The warning comes as former President Donald Trump considers tougher measures to pressure Moscow into a Ukraine peace agreement.
Trump has threatened to impose sweeping sanctions, including 100% tariffs and secondary penalties on Russia’s trade partners—particularly those involved in its energy sector. His special envoy, Steve Witkoff, met with Russian President Vladimir Putin in Moscow on Wednesday to discuss a possible resolution to the conflict.
Experts told CNN that these sanctions could negatively impact the US. Clayton Seigle of the Center for Strategic and International Studies warned that penalizing countries importing large volumes of Russian oil—like India and China—would raise costs for American businesses and trigger inflation. Both nations are also major US trade partners.
“Russia exports around seven million barrels of crude and refined oil daily,” said analyst Giovanni Staunovo, adding that such volumes are too large to easily replace.
CNN also highlighted uncertainty around whether Trump will follow through with the sanctions, noting he previously hiked tariffs on China but later scaled them back after a trade agreement. A New York Post source said there’s no certainty about the sanctions, stating the administration is focused on negotiating a deal, which Trump prefers.
Kremlin spokesman Dmitry Peskov noted that Russia has become accustomed to Western sanctions since they were first imposed in 2014. Trump acknowledged that he’s unsure if any new measures would even impact Putin.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
