FX.co ★ Trump Threatens Tariffs on Russia, Pressures EU Over Ukraine War

During a speech at the United Nations General Assembly on Tuesday, President Donald Trump issued a stern warning, stating that the United States is ready to implement a "very strong round of powerful tariffs" if Russia does not cease its military actions in Ukraine. He criticized European countries for their ongoing purchase of Russian energy, describing it as a means of "funding the war against themselves." President Trump emphasized the necessity for European Union collaboration with Washington in imposing tariffs to ensure their effectiveness.

Despite a decrease in energy imports from Russia since the conflict began, Hungary and Slovakia continue to be significant purchasers of oil, while France, Belgium, and Spain still acquire natural gas, though in reduced amounts, according to the Council on Foreign Relations. Recently, the European Union has intensified its pressure on Moscow by imposing new sanctions targeting Chinese and Indian firms engaged in Russian oil transactions and crypto platforms with ties to Russia. Furthermore, on Tuesday, the EU declared its intention to terminate all Russian energy purchases by 2026, accelerating their timeline by one year.