Trump warns the EU to stop buying Russian oil and gas threatens more rates

Copyright © HT Digital Streams Limit all rights reserved. RESHMA KAPADIA, BARRONS 2 min Read 24 Sept 2025, 11:35 PST President Donald Trump spoke to the United Nations General Assembly in New York on Tuesday. Summary The EU said it would cut off all Russian energy purchases by 2026, and the date of the first timeline of 2027 would move. President Donald Trump warned on Tuesday that the US was prepared for a ‘very strong round of powerful rates’ as Russia did not agree to end the war in Ukraine because he called out the purchases of Russian energy from European countries. In a nearly one -hour speech at the United Nations General Assembly, Trump discussed the need to end Russia’s war in Ukraine. “China and India are the primary funders by buying Russian oil, but even NATO countries have not cut much energy and energy products. They finance the war against themselves,” he said. “If Russia is not ready to make an agreement to end the war, the US is fully prepared to impose a very strong round of powerful rates that will stop the bloodshed very quickly. But to be effective, the EU will have to join us to take the same measures,” Trump said. Europe has reduced the amount of energy it has been buying from Russia since the beginning of the war. Hungary and Slovakia are the most important remaining buyers of Russian oil, while France, Belgium and Spain are still buying natural gas from Russia, although at lower levels since the start of the war, Liana Fix, a senior fellow for Europe at the foreign relations Council, said in a short time on Tuesday. But the EU has made efforts over the past few days to push Russia. Last week, it announced new sanctions that allow for 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, and the date of the first timeline of 2027 would move. One question is whether Trump is planning to increase the pressure on Russia itself, Fix said. “One dazzling omission in Donald Trump’s speech was to call out Russia for the interference in the NATO airspace that took place repeatedly.” While the US has imposed a 25% fine on India for its Russian oil purchases, it has saved China so far, although it is the larger buyer. Analysts noted that the administration’s efforts to achieve a personal meeting between Trump and Chinese leader Xi Jinping to bring about a larger trade agreement. The threat of more rates underlines the continued uncertainty about trade – elsewhere in the speech. Trump cried out Brazil, where the Supreme Court recently sentenced the former president and Trump Ally Jair Bolsonaro to 27 years in prison for overturning the 2022 election. The Trump administration imposed 50% rates on Brazil, citing 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 at the meeting, and noticed the ‘excellent chemistry’ the two had, while crossing the two paths on their way to his speech. Trump said he invited Lula to the White House for a meeting next week, which increases the prospects that Brazil can find a way to lower rates. “I liked him and just doing business with people I love,” Trump said during his speech. Catch all the business news, market news, news reports and latest news updates on Live Mint. Download the Mint News app to get daily market updates. More Topics #Donald Trump Read Next Story