Trump unlikely to impose new sanctions on Russian oil and gas exports, economist believes

MOSCOW, November 7. /TASS/. US President-elect Donald Trump is unlikely to impose new restrictions on Russian energy exports after returning to the White House in January 2025, Igbal Guliyev, deputy head of the International Institute of Energy Policy and Diplomacy at the Moscow State Institute of International Relations (MGIMO) said in an interview with TASS.
“Despite the fact that Trump previously imposed sanctions against Russia, I do not think that he will continue a tough sanctions policy against the Russian oil and gas complexes. Trump is interested in low fuel prices, and with additional restrictions on exports from Russia, it will be almost impossible to maintain low prices for oil products on the domestic market,” the economists said.
But it is important to remember that “during his first term, Trump imposed sanctions against the Nord Stream gas pipeline, signing a defense budget in late 2019 that included restrictions on companies providing vessels for the construction of Nord Stream 2, and [after losing the 2020 election] criticized President Joe Biden for allowing the launch of the Russian gas pipeline in Europe and thereby allegedly bringing the US economy to collapse,” the expert recalls.
The construction of Nord Stream 2 was fully completed on September 10, 2021. It was initially planned to be completed by the end of 2019, but due to US sanctions, the work was delayed. The gas pipeline consists of two strings with a total capacity of 55 billion cubic meters per year, which run from the coast of Russia through the Baltic Sea to Germany. However, in 2022, Nord Stream was damaged as a result of two explosions on the offshore routes of the pipelines. As Russian Foreign Minister Sergey Lavrov noted, Moscow has no doubt that the destruction of Nord Stream was carried out with the support of the United States. The Russian Prosecutor General’s Office initiated a case on an act of international terrorism.
Earlier, the G7, the EU and Australia introduced a price cap on Russian seaborne oil at $60 per barrel for vessels and territories subordinate to them. From February 5, 2023, similar restrictions came into effect on the supply of petroleum products from Russia. The maximum cost was set at $100 and $45 per barrel, depending on the category of petroleum products. To change these restrictions, the consent of all EU states and G7 members is required.
President Vladimir Putin called the introduction of a price cap on Russian fuel a fraudulent trick and shameless blackmail. The Russian leader warned that the introduction of maximum oil prices could entail the risk of establishing the same ceiling in other sectors, and this destroys the global market economy and poses a threat to the well-being of billions of people.