MOSCOW, 10 Mar (Reuters) – The presidents of the United States, Donald Trump, and Russia, Vladimir Putin, discussed the war against Iran and the prospects for peace in Ukraine on Monday, hours after the Kremlin chief warned that a global energy crisis threatened the world economy.
The conflict triggered the biggest increase in oil prices since Russia’s invasion of Ukraine in 2022, although most of the rise in crude oil prices on Monday was reversed on Tuesday and Asian and European stock prices recovered.
The Kremlin said Trump called Putin, and in their first telephone call of the year, they discussed Russia’s ideas for a quick end to the conflict against Iran, the military situation in Ukraine and the impact of events in Venezuela on the global oil market.
‘I had a very good call with President Putin,’ Trump said at a press conference at his Florida golf club, adding that Putin wanted to be helpful regarding Iran.
‘I told him: ‘You could be more useful if you ended the war between Ukraine and Russia. That would be more useful.’
Putin had previously said that the US and Israel’s war against Iran had triggered a global energy crisis, warning that oil production dependent on shipping through the Strait of Hormuz, off Iran’s coast, could be disrupted soon.
Putin said that Russia, the world’s second-largest oil exporter and holder of its largest natural gas reserves, is ready to work again with European customers if they want to return to long-term cooperation.
The Trump administration is considering easing oil sanctions on Russia, according to three people familiar with the planning.
The talks could cover broad relief of sanctions, as well as more targeted options for certain countries, such as India, to buy Russian oil without fear of U.S. penalties, including tariffs, sources told Reuters.
The move would aim to boost global oil supplies following disruptions to shipments from the Middle East, but could also complicate the U.S. efforts to deprive Russia of revenue for its war in Ukraine.
‘We’re also waiving certain oil-related sanctions to lower prices. Therefore, we have sanctions against some countries. We will lift these sanctions until this is resolved,’ Trump told reporters, without identifying the countries.
‘Then, who knows, perhaps we won’t have to apply them; there will be a lot of peace. But when the time comes, the U.S. Navy and its partners will escort tanker ships through the Strait, if necessary.’
Last week, the United States allowed India to temporarily purchase Russian crude already on tankers at sea, to help it cope with interruptions in Middle East supplies.
On Friday, the U.S. Treasury Secretary, Scott Bessent, said the United States could release more Russian oil from sanctions. Russia’s special presidential envoy for investments, Kirill Dmitriev, said on Saturday that he was discussing the matter with Washington.
The Kremlin said on Tuesday that the idea of suspending oil sanctions had not been discussed in detail with Washington, but that the impact of the sanctions on the world economy was understood by both Putin and Trump.
(Reporting by Dmitry Antonov and Maxim Rodionov)
