The global oil market is currently facing extreme turbulence due to the US decision to impose tariffs on a majority of countries, Kremlin spokesperson Dmitry Peskov stated, noting that Russian authorities are closely monitoring the situation. As of 10:08 a.m. Moscow time (7:08 a.m. GMT), the price of Brent crude oil futures for June 2025 delivery fell below $63 per barrel on London’s ICE, marking its lowest point since April 12, 2021.
Peskov emphasized the significance of this price drop for Russia’s budget, stating that the country is paying close attention to the “extremely turbulent” and “emotionally charged” global market conditions. He attributed this volatility to the US’s decision to implement tariffs on most countries worldwide. The Russian government, Peskov added, is doing everything in its power to mitigate the impact of the global economic situation on Russia.
On April 2, US President Donald Trump announced the imposition of tariffs on products from 185 countries and territories, although Russia was not specifically targeted with new tariffs. Universal tariffs of 10% came into effect on April 5, with individual tariffs set to take effect on April 9. Additionally, a 25% tariff was introduced on all imported cars starting April 3. Trump also declared a state of emergency due to the economic impacts of these actions.
