Trump: US may soon reimpose sanction on Russian oil as Hormuz reopens

The United States could soon reimpose sanctions on Russia's oil shipment, US President Donald Trump said on Tuesday at the Group of Seven summit in France, where efforts to end the conflict in Ukraine are high on the agenda.

Speaking to reporters in Evian, France, Trump said the restrictions on Russia's oil shipment can return after the openness of the Strait of Hormuz allows more oil transit. "We're in a position to do that soon," he was quoted as saying, citing a peace deal reached with Iran over the weekend.

The USTreasury issued a 30-day waiver in March, allowing countries to purchase Russian crude oil and petroleum products that were already loaded on vessels and stranded at sea. The waiver was later extended as the conflict involving Iran and disruptions around the Strait of Hormuz continued to pressure oil markets.