President Trump said at the G7 summit on Wednesday that the path of global oil
prices will determine whether the United States reinstates sanctions on
shipments of Russian crude. He added, We are watching how low oil will go;
prices have fallen substantially. The administration earlier this year eased
sanctions on some Russian oil and the Treasury has repeatedly extended temporarily
waivers, but it has not said whether the current authorization, which expires
later this week, will be renewed. G7 leaders on Tuesday pledged firm support for
Ukraine and backed tightening sanctions, including measures targeting Russia's
oil and gas sector. Oil has fallen sharply since Trump announced earlier this
week that the US reached a deal with Iran, though prices remain well above
pre-war levels.
