Trump: We will soon be able to renew sanctions on Russian oil

US President Donald Trump said on Tuesday at the G7 summit, where leaders are seeking to step up pressure on Moscow over its invasion of Ukraine, stated that the US would soon be able to reinstate sanctions on Russian oil.

“We will be able to do this shortly, as oil is already flowing” through the Strait of Hormuz, following an agreement with Iran to end the war in the Middle East, Mr Trump said.

Washington introduced and subsequently extended a sanctions exemption for Russian oil shipments already at sea, thereby raising concerns among its European allies.