President Donald Trump expressed strong frustration with Russian President Vladimir Putin, stating he was "very angry" over the ongoing conflict in Ukraine. He also warned of "secondary tariffs" on countries purchasing Russian oil if Putin refuses to agree to a ceasefire.
Speaking to NBC News, Trump said he was "pissed off" at Putin for questioning Ukrainian President Volodymyr Zelenskiy's legitimacy as a negotiating partner. He also hinted at restricting "all oil coming out of Russia." However, he later softened his stance, stating he did not believe Putin would "go back on his word."
While Trump appeared to temper his remarks, his threats mark a shift in tone from Washington and suggest a potential deterioration in relations between the two leaders. Before taking office, Trump had claimed he could resolve the war swiftly, yet more than two months into his presidency, the conflict persists.
"I certainly wouldn’t want to impose secondary tariffs on Russia," Trump clarified to reporters aboard Air Force One. However, he expressed disappointment over Putin’s remarks about Zelenskiy. "He's supposed to be negotiating with him, whether he likes him or not. So I wasn’t happy with that. But I think he’s going to be good."
Trump's frustration stemmed from comments made by Putin on Friday, where he proposed that the United Nations oversee a temporary government in Ukraine, casting doubt on Zelenskiy’s legitimacy.
On Monday, the Kremlin responded, stating that Putin remained open to discussions with Trump.
"If necessary, their conversation will be organized very quickly," Kremlin spokesman Dmitry Peskov told reporters, as reported by the state-run Tass news agency. However, no call between the leaders had been scheduled yet. Peskov also stated that Russia continues to work with the U.S. on bilateral relations.
Trump also maintained pressure on Zelenskiy to finalize a deal granting the U.S. access to Ukraine’s natural resources.
"He’s trying to back out of the rare earth deal, and if he does that, he’s got some problems—big, big problems," Trump stated. "If he wants to renegotiate, he’s got big problems."
Given that Russia is one of the world’s top three oil producers, any effort to restrict its oil exports could have significant repercussions on global markets. However, oil prices showed little movement amid uncertainty over whether such restrictions would be enforced.
If the U.S. follows through, key buyers of discounted Russian oil—such as India and China—would come under pressure. Russian crude exports hit a five-month high in March, and current U.S. sanctions on Russia’s oil tanker fleet have struggled to have a significant impact.
Trump also warned that he is considering "secondary tariffs" on Iran and even raised the possibility of military action if Tehran refuses to abandon its nuclear ambitions.
"If they don’t make a deal, there will be bombing," Trump reportedly told NBC.
In response, Iranian President Masoud Pezeshkian stated that Iran would not engage in direct negotiations with Trump’s administration but did not rule out indirect communications with the U.S.
Market analysts noted that while Trump’s threats should have caused a stronger reaction, markets remained relatively stable due to the lack of immediate supply disruptions.
"These threats should be moving prices higher given the volumes at risk," said Giovanni Staunovo, a commodity analyst at UBS Group AG. "But so far, there have been no actual disruptions—just rhetoric. Historically, prices react only when real supply constraints emerge."
Oil prices edged up at the start of the week, with gold reaching a new record high, but both eased as Trump moderated his stance. In early Asian trading, Brent crude hovered around $72 per barrel, while West Texas Intermediate (WTI) neared $69.
"If Trump is serious about targeting Russia’s oil industry, he could sanction ships, insurers, and buyers," said Gao Jian, an analyst at Qisheng Futures Co. "But given the scale of Russia’s oil trade, he needs to carefully weigh the consequences."
The U.S. recently announced that Ukraine and Russia had agreed to a temporary ceasefire in the Black Sea—a step in Trump’s broader strategy to end the conflict. As part of the agreement, Ukraine committed to observing an immediate halt in hostilities, while Russia demanded the removal of sanctions on the Russian Agricultural Bank and other financial institutions involved in food and fertilizer exports.
Trump also introduced a new economic tactic by threatening secondary tariffs on nations purchasing Venezuelan oil, aiming to stifle the country's trade. In an executive order, he stated that countries buying Venezuelan oil could face a 25% tariff on trade with the U.S. The move was designed to pressure Venezuela over what Trump described as the influx of "tens of thousands of high-level criminals" into the U.S.
As tensions rise globally, Trump’s threats and policy shifts signal potential volatility in international energy markets and diplomatic relations.