Trump plans to lift sanctions on Russia to import Russian oil by aiding the Ukraine war

It has recently been reported that Trump is going to remove all economic sanctions imposed on Russia in future, in which US oil and mineral companies are going to benefit the most. Trump lifted sanctions on multiple Russian institutions, banks, and oil and gas companies to purchase cheap Russian exports. Trump has argued that sanctions on Russia can hurt the global dominance of the U.S. dollar, as countries like Russia, China, and Iran seek to reduce their reliance on the dollar due to these restrictions. He suggests that easing sanctions could benefit the U.S. economy and its global standing. There have also been discussions about potential energy and minerals deals with Russia if sanctions were lifted. Due to which EU countries have said that Trump wants that by continuing the Ukraine war, America is buying maximum Russian Oil, Minerals, Gas, Metals, and Fertilizers and by waging a tariff war on Europe, he is taking double imports from Europe. Recently, financial and economic experts of the European Union believe that US president Donald Trump is now forcing Europe to increase American-Russian imports by making discountable imports from Russia because China, Russia and the US have benefited the most from the Ukraine war.

Trump fears sanction on Russian oil, mineral and gas that will end the dominance of the US dollar

Under US (and broader Western) sanctions, Russia has had to develop various strategies to continue exporting oil and receiving payments, as traditional methods involving Western financial institutions and services have been severely restricted. Russia actively promotes the use of non-dollar and non-euro currencies for its oil trade. Trump fears that Iran, China, Russia and other BRICS countries are paying for all discountable oil, mineral and Metal with local currencies, Bitcoin and other exchanges of products instead the use of Dollar and EUR. Russia’s total exports were approximately $800 billion to $866.6 billion USD annual and increased due to Russia-Ukraine war. This indicates a slight increase or similar levels compared to 2023, despite sanctions. Recently, China, India, Turkey, Belarus, Kazakhstan and some NATO countries have also been buying discounted oil, gas and minerals from Russia in the black market because due to US sanctions on Russia, most of Russia’s export is happening to European countries from Turkey, China, India and Belarus. Recently, Western firms left Russia and moved to Europe during the Ukraine war, but now the European countries are facing huge losses as they can only import Russian goods from Europe to countries like the US, China, and India as now US sanctions have been imposed on direct imports from Russia. European Union countries, which were historically major importers of Russian energy, have reduced their reliance due to US sanctions and diversification efforts. However, some EU countries like Hungary and Slovakia still import considerable amounts of Russian gas and oil due to historical infrastructure and energy security concerns.