Trump warns EU to stop buying Russian oil and gas, threatens more tariffs

In a nearly one-hour speech at the United Nations General Assembly meeting, Trump discussed the need to end Russia’s war in Ukraine. “China and India are the primary funders by purchasing Russian oil but even NATO countries haven’t cut off much energy and energy products. They are funding the war against themselves," he said.

“In the event Russia isn’t ready to make a deal to to end the war then the U.S. is fully prepared to impose a very strong round of powerful tariffs which would stop the bloodshed very quickly. But for them to be effective, the EU would have to join us to adopt the same measures," Trump said.

Europe has reduced the amount of energy it buys from Russia since the war began. Hungary and Slovakia are the main remaining buyers of Russian oil while France, Belgium and Spain still buy natural gas from Russia, albeit at reduced levels since the war began, Liana Fix, a senior fellow for Europe at the Council for Foreign Relations, said in a briefing Tuesday.

But the EU has stepped up efforts to pressure Russia in recent days. Last week, it announced fresh sanctions that included provisions to pressure companies in India and China to stop buying Russian oil and restrictions on crypto platforms that enable transactions with Russia.

And on Tuesday, the EU said it would cut off all Russian energy purchases by 2026, moving up the date from its initial 2027 timeline.

One question is if Trump plans to step up pressure on Russia itself, Fix said. “One glaring omission in Donald Trump’s speech was to call out Russia for the interference in NATO’s airspace that has repeatedly taken place."

While the U.S. has imposed a 25% penalty on India for its Russian oil purchases, it has spared China so far, though it is the bigger buyer. Analysts noted the administration’s efforts to secure an in-person meeting between Trump and Chinese leader Xi Jinping to craft a bigger trade deal.

The threat of more tariffs underscores the continued uncertainty around trade—seen elsewhere in the speech. Trump called out Brazil, where the Supreme Court recently sentenced former President and Trump ally Jair Bolsonaro to 27 years in prison for plotting to overturn the 2022 election. The Trump administration imposed 50% tariffs on Brazil, citing in part the government’s treatment of Bolsonaro.

Despite the harsh words in the speech, Trump spoke warmly about a brief encounter with Brazilian President Luiz Inácio Lula da Silva during the meeting, noting the “excellent chemistry" the two had as the two crossed paths on the way to his speech.

Trump said he invited Lula to the White House for a meeting next week, raising the prospects Brazil could find a way to lower tariffs. “I liked him and I only do business with people I like," Trump said during his speech.