Vladimir Putin and Donald Trump at a joint press conference at Joint Base Elmendorf-Richardson near Anchorage, Alaska, August 15, 2025 (Jae C. Hong/AP)
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As his Administration eases sanctions over Russia’s 4-year full-scale invasion of Ukraine, Donald Trump has spoken by phone with Vladimir Putin.
Last week, amid the surge in oil prices from the US-Israel War on Iran, the Administration gave a 30-day sanctions waiver to India — Moscow’s second-largest customer — over its imports of Russian oil.
US Treasury Scott Bessent said over the weekend that more sanctions could be lifted.
Trump followed up on Monday after the call with Putin, “So we have sanctions on some countries. We’re going to take those sanctions off until the Strait [of Hormuz] is up.”
Shipping through the Strait, off the Iranian coast, is down 90% because of the war. The near-complete shutdown affects around 20% of the world’s maritime gas and around 25% of maritime oil.
Trump gushed about the one-hour conversation with Putin, “We were talking about Ukraine, which is just a never-ending fight. But I think it was a positive call on that subject.” Putin’s foreign affairs adviser Yuri Ushakov described the talk as “frank and businesslike”.
Citing multiple sources, Reuters said there could be a further easing of US sanctions.
Last November, the US sanctioned Russia’s two largest oil companies Rosneft and Gazprom, with secondary sanctions on customers. Six of seven Indian refiners suspended or cut imports.
The Russian Government’s revenues from oil were down 47% in January-February, compared to a year earlier.
