In his evening address, Ukrainian President Volodymyr Zelenskyy urged international partners, including the US, Europe, the G7, and the G20, to cease finding excuses for not imposing sanctions on Russia, specifically targeting the energy trade. Zelenskyy emphasized the necessity of pressuring Russia in all jurisdictions and expressed hope for “strong steps” from the United States, including robust sanctions and tariff policies. He also revealed Ukraine’s plan to intensify “deep strikes” on Russian territory, highlighting that the funding and strategies for this action are already in place.
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In a recent interview, Senator Lindsey Graham announced that former President Trump supports a new sanctions bill targeting Russia’s energy trade. The legislation proposes a 500% tariff on countries purchasing Russian energy, aiming to curb funding for the war in Ukraine. Graham specifically noted China and India, major buyers of Russian oil, as targets. The bill, postponed previously, is expected to be voted on after the July recess and is designed to pressure Russia into peace negotiations.
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President Trump asserted that the $350 billion U.S. trade deficit with the European Union could be rapidly eliminated if the EU purchased more American energy. This demand followed Trump’s imposition of 20% tariffs on EU goods, triggering significant global market losses. While acknowledging the possibility of permanent tariffs, Trump also expressed openness to negotiations with the EU contingent upon their commitment to reducing the trade imbalance through increased energy purchases. This proposed energy-for-tariff-reduction strategy, previously suggested by the EU, has yet to yield a concrete agreement due to a lack of U.S. clarity on the deal’s structure.
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Facing President Trump’s tariff threats, Canada’s Alberta province, the nation’s largest oil producer, presented two scenarios for North American energy cooperation. One involves a strengthened U.S.-Canada energy partnership, increasing oil exports to the U.S. to bolster its global energy dominance and maintain low consumer prices. Alternatively, continued trade conflict could lead Alberta to diversify its oil exports to Asia and Europe, impacting the deeply integrated North American energy market. This diversification is already underway, with active discussions with several countries outside of the U.S. The choice hinges on the resolution of the ongoing trade dispute.
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John Q. Hosedrinker