What happened: President Trump signaled a fresh phase of sanctions over Russia’s war in Ukraine, indicating Washington could tighten measures and seek deeper coordination with European partners.
Why it matters
Sanctions architecture affects Russia’s fiscal capacity and global trade flows. A tighter regime would test enforcement on oil, metals and finance—and could widen exposure for European intermediaries.
By the numbers / context
- Policy vector: additional U.S. sanctions; allied coordination expected.
- Energy channel: watch price cap enforcement and shadow fleet dynamics.
- Financial channel: potential listings, correspondent banking and export‑control risks.
What to watch
Specific designations and secondary‑sanctions scope; how Brussels aligns new measures with its gas/oil phase‑out timetable.