Donald Trump said he is cutting short the 50-day deadline he previously gave Vladimir Putin to reach a truce with Ukraine, expressing frustration with the Russian leader. He also threatened tough new sanctions. Oil reacted to his statement by rising nearly 2%.

Details

U.S. President Donald Trump said he would shorten the 50-day deadline he previously gave Russian leader Vladimir Putin to reach a truce with Ukraine, writes Bloomberg. 

"I'm disappointed in President Putin, very disappointed. So we're going to have to rethink the timeline, and I'm going to shorten the 50 days that I gave him," Trump told reporters Monday in Scotland at a meeting with British Prime Minister Keir Starmer.

Trump later clarified that the new deadline for Russia, instead of a 50-day deadline, would come "in 10 to 12 days," the BBC reported. Trump also made it clear that he doubted Putin would sit down at the negotiating table and agree to a ceasefire, Bloomberg noted.

How has oil reacted?

Oil prices on Trump's statement accelerated the growth observed in the first half of the day. At the time of publication, futures for Brent crude with delivery in September rose by 1.9% to $69.76 per barrel. Futures for U.S. West Texas Intermediate crude added 2% and traded at $66.48.

Context

Earlier this month, Trump gave Putin a 50-day deadline and threatened to impose tough economic sanctions against Russia if it did not stop military action against Ukraine. In particular, according to Trump, he intends to impose 100 percent duties - they will affect countries that buy Russian products, including oil, Bloomberg writes, citing its interlocutors. In Washington and other capitals supporting Kiev, such purchases are seen as indirect support for Russia, which helps its economy and undermines sanctions, Bloomberg writes.

After Trump threatened sanctions again, Russia continued its intense missile and drone strikes on Ukrainian cities. While at first Trump criticized Ukrainian President Vladimir Zelensky as an obstacle to peace, in recent weeks the US leader has increasingly expressed impatience and accused Putin of not showing a genuine desire to end the war despite numerous calls and months of diplomatic attempts.

This article was AI-translated and verified by a human editor

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