President Donald Trump said Tuesday that the United States could soon resume sanctions targeting Russian oil as part of a renewed effort to increase pressure on Moscow over the war in Ukraine.
Politico reported that Trump, speaking on the sidelines of the Group of Seven (G7) summit in France, said the administration had eased oil-related sanctions to avoid disrupting global energy supplies during the conflict with Iran.
"We took sanctions off because obviously we're not looking to impede the oil," Trump told reporters. "But we're in a position to do that soon."
The comments came after Trump announced an agreement he said would end hostilities between Iran and Israel, easing concerns about energy supplies that had helped drive oil prices higher.
Trump met Tuesday with French President Emmanuel Macron, Ukrainian President Volodymyr Zelenskyy, and United Arab Emirates President Mohamed bin Zayed al-Nahyan during the summit.
G7 and European Union leaders also met with Zelenskyy and discussed increasing economic pressure on Russian President Vladimir Putin as the war in Ukraine enters its fifth year.
Trump's remarks suggest the administration could restore restrictions that had previously been relaxed as part of efforts to stabilize energy markets.
Last month, the administration allowed a sanctions waiver to expire that had permitted countries including India to purchase Russian seaborne oil.
Treasury Secretary Scott Bessent also declined to renew a license allowing purchases of Russian oil stored on tankers.
Those temporary measures were part of an effort to address energy market disruptions and rising prices during the Iran conflict.
Other Western allies have continued expanding sanctions on Moscow. The United Kingdom announced new energy sanctions this week, while Canada unveiled additional measures targeting Russian individuals, entities and vessels.
The European Union is also considering a sanctions package aimed at Russia's banking, energy and trade sectors, including a proposal affecting purchases of Russian oil.