Trump: Putin Will Stop If Oil Gets Another $10 Cheaper

The U.S. president's ultimatum expires on Friday.

US President Donald Trump said on CNBC on Tuesday, August 5, that if oil prices fall another $10 a barrel, Vladimir Putin will stop Russia's war in Ukraine and "stop killing people," DW reports DW.

Trump said the Russian president "will have no choice because his country's economy is in dire straits. In this regard, the White House chief also reiterated his intention to increase duties against India in the next 24 hours because of that country's continued purchases of Russian oil.

"They have the highest tariff of all. <...> We agreed on 25 percent, but I think I'm going to raise it substantially in the next 24 hours because they're buying Russian oil, they're fueling the war machine. And if they're going to keep doing that, I'm not going to be happy," Trump added.

Since the beginning of the week, the price of Brent crude oil has fallen from the level of 71-72 dollars per barrel to figures below 68 dollars. In particular, this was a consequence of the decision of the OPEC+ organization to increase production from September, as well as the discovery of the largest oil and gas field in 25 years by the British company BP in Brazil. The price drop was also influenced by reports that India and China will continue to buy Russian oil, despite pressure from the US and the EU.

At the same time in Russia, the cost of Premium-95 gasoline (AI-95) for the second day in a row updates the historical maximum. On August 4, the price exceeded 77 thousand Russian rubles per ton, beating the record of 76,876 rubles set in 2023. And on August 5, the cost of a ton of AI-95 reached Br77,967. This is likely due to the fact that AFU drone strikes on the night of August 2 knocked out two major oil refineries in Novokuibyshevsk and Ryazan.

July 14, Trump gave Russia 50 days to end the war with Ukraine, promising to impose secondary tariffs of 100% otherwise. Two weeks later, on July 28, the White House chief cut the 50-day deadline to 10-12 days and reiterated his disappointment with the Russian president. The new deadline expires on August 8. According to Trump, the day before that, on August 6 or 7, his special envoy Steven Whitkoff will visit Moscow again.

Presidential spokesman Dmitri Peskov, commenting on the threat of sanctions, said he was "somewhat immune" to them because the Russian economy has been functioning "under a huge amount of restriction" for "quite a long time." Putin himself, according to Reuters' sources, will ignore Trump's ultimatum because he is confident he can win the war and U.S. sanctions allegedly will not have a strong impact on Russia's economy.

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