United States President Donald Trump is set to impose more restrictions on Russia’s oil, gas, and banking sectors. Trump's plan is to restrict Russian access to US payment systems, according to CBS reports. On Thursday, March 13, the Treasury Department allowed a 60-day exemption put in place by the Joe Biden administration in January to lapse. This exemption had permitted specific energy transactions involving sanctioned Russian banks to continue. With the waiver now expired, these banks can no longer access U.S. payment systems to conduct major energy transactions.
The Russian financial institutions that were 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 is expected to make it more difficult for other countries to buy Russian oil, thereby limiting its global supply. This could lead to a price spike of up to $5 per barrel, a notable increase after recent lower prices.
These new restrictions come as the Trump administration is trying to convince Russia's President Vladimir Putin to accept the terms of a proposed 30-day ceasefire to end the war in Ukraine. The administration hopes that these measures will pressure Russia into agreeing to the ceasefire and pave the way for lasting peace.
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