Trump Says $10 Drop in Oil Price Could Make Putin End the War
U.S. President Donald Trump has suggested that a significant drop in global energy prices could compel Russian President Vladimir Putin to end his war against Ukraine.
The Gaze reports this, referring to Trump’s interview with CNBC.
President argued that Putin’s capacity to sustain the war effort is closely tied to Russia’s oil revenues. “If energy prices go down enough, Putin will stop killing people,” Trump said.
He added that an additional $10 decrease per barrel could severely damage the Russian economy: “He will have no choice, because his economy will be in terrible shape.”
Trump’s remarks come as new figures published by Bloomberg reveal that Russia’s oil revenues have dropped by one-third compared to July 2024.
Citing Russian Finance Ministry data, Bloomberg reports that oil-related tax revenues fell by nearly 33% to 710.4 billion rubles ($8.9 billion).
Total oil and gas income declined 27% year-on-year, exacerbating pressure on the Russian budget already strained by massive military expenditures.
Lower global oil prices have enabled the Russian government to cut subsidies to domestic refineries. In July, subsidy payouts dropped 58% year-over-year, totaling 59.9 billion rubles.
The revenue squeeze is further compounded by new international sanctions. The EU and the UK have both implemented a dynamic oil price cap mechanism, lowering the ceiling for Russian crude from $60 to approximately $47.60 per barrel.
Read more on The Gaze: How Sanctions Against Russia Taught the West Dynamic Financial Blockades