Russia on Monday said that the global oil market is experiencing significant volatility following the United States’ implementation of “Liberation Day” tariffs on numerous countries.
Trading data shows that on London’s ICE, Brent crude oil futures contracts for June 2025 delivery fell below $63 per barrel at 10.08 am Moscow time (7.08 am GMT), marking the lowest level since April 12, 2021.
During a briefing, Kremlin Spokesman Dmitry Peskov said, “This indicator is very important for replenishment of our budget. We are monitoring closely the situation, which is currently extremely turbulent, tense and emotionally charged. This is related to the US’ decision to impose tariffs on the majority of countries of the world.”
Peskov assured that Russian authorities are implementing measures to protect the national economy from global market fluctuations.
On April 2, US President Donald Trump announced tariffs affecting 185 countries and territories, though Russia was not subject to new restrictions.
When questioned, press secretary Karoline Leavitt explained to Axios that Russia’s omission was due to existing US sanctions that “preclude any meaningful trade.”
The US administration introduced universal tariffs of 10% on April 5, with specific tariffs scheduled for April 9. Additionally, a 25% customs duty was imposed on all imported vehicles from April 3. Trump also declared a national economic emergency.
