The Power Within: The Kyiv Independent’s first-ever magazine. Be among the first to get it.

pre-order now
Skip to content
A view of the Russian Central Bank headquarters in downtown Moscow on May 26, 2022. (Natalia Kolesnikova / AFP via Getty Images)
This audio is created with AI assistance

The Trump administration toughened sanctions on Russia's oil and gas industry on March 13 by not renewing an exemption that allows Russian banks to access U.S. payment systems to conduct energy transactions.

The exemption, initially issued by the Biden administration, was not re-signed by Trump and will make it more difficult for countries to buy primarily Russian oil, likely leading to higher oil prices.

The exemption initially applied to transactions involving natural gas, oil and petroleum products, coal, uranium, and similar products.

The move comes as U.S. President Donald Trump said on March 7 that he is considering imposing sweeping banking sanctions and tariffs on Russia until there is a ceasefire and peace agreement.

Kyiv agreed to a 30-day ceasefire proposed by Washington during the talks in Jeddah on March 11, provided that Russia did as well. The talks in Saudi Arabia also led to the U.S. restarting key military and intelligence support for Ukraine, which had been halted last week.

Trump previously ruled out lifting sanctions on Moscow before a deal is reached.

Russian President Vladimir Putin said on March 13 that Russia is ready to agree to the U.S.-proposed ceasefire in Ukraine but demands guarantees that Kyiv will not mobilize or train troops, nor receive military aid during it.

Reuters reported on March 12, citing Russian sources, that Russia is unlikely to agree to a temporary truce in Ukraine proposed by the U.S., feeling it has the upper hand on the battlefield and viewing the ceasefire as a trap.

Shortly after his inauguration, Trump threatened to impose tariffs and sanctions on Russia to force their hand in negotiations, saying "we can do it the easy way or the hard way." In the following weeks, Trump instead lashed out at Ukraine, claiming President Volodymyr Zelensky was "not ready for peace" and halting military aid to Ukraine and intelligence sharing with Kyiv.

Hungary seeks removal of Russian oligarch Fridman from EU sanctions list, FT reports
Hungary’s ambassador to the EU demanded that Mikhail Fridman be removed from the sanctions list, threatening to block the extension of EU sanctions imposed on about 2,000 Russians otherwise, the Financial Times reported, citing officials familiar with the matter.



News Feed

3:15 PM

Inside Ukraine's desperate fight to stabilize Donbas front.

Amid the escalating geopolitical circus, Ukrainian soldiers fighting in between order and chaos assert that the only way to stop Russia remains on the battlefield. The Kyiv Independent spent two weeks in the Pokrovsk and Kurakhove sectors of the front line in Donetsk Oblast, speaking to infantry and artillery commanders, medics, and the civilians now coming into Russia's line of fire.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.