President Trump is considering imposing sanctions against Russia’s “shadow fleet” of oil tankers if the country doesn’t reach a ceasefire with Ukraine by Friday, August 8, according to the Financial Times. Russia’s shadow fleet refers to ships with obscure ownership that transport oil to locations like India and China.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
If imposed, the sanctions would mark Trump’s first penalties against the country during his second term. So far, Trump has refrained from sanctioning Russia in an attempt to broker a Russia-Ukraine ceasefire.
Trump Threatens Russia with 100% Secondary Tariffs
Trump has also threatened to impose 100% secondary tariffs on Russia unless it reaches a ceasefire with Ukraine by August 8. On Tuesday, Bloomberg reported that Russia was considering an air attack truce with Ukraine in order to avoid the tariffs. At the same time, Russia continues to advance into Ukrainian territory, signaling its hesitancy to bring the war to a complete halt.
In addition, Trump has targeted India, a key buyer of Russian oil. He said he would “substantially” raise the tariff on imported Indian goods because the country indirectly supports Russia’s attacks with its oil purchases.
Follow Trump’s social media posts and analyze their sentiment with TipRanks’ Trump Dashboard.
