Oil Prices Ignite as Trump Teases ‘Major' Russia Announcement
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'I think I'll have a major statement to make on Russia on Monday,' said Trump in an NBC interview, adding that he remains displeased with Russia's continued strikes on Ukraine.
The statement is likely related to a bill authored by Senators Lindsey Graham and Richard Blumenthal that would enforce 500% duties on countries that purchase energy, such as oil and gas, from Russia.
Senate Makes Progress on Russian Sanctions Bill
'My goal is to get them on the president's desk before the August break. We got 85 co-sponsors,' said Graham, adding that Trump is in agreement with the bill. Trump emphasized that the decision to enforce tariffs on Russian energy buyers is ultimately up to him.
Russia is the world's third-largest producer of oil, meaning that oil prices could jump if the country is cut out of the equation.
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