Russia Warns of Global Oil Market Instability Due to U.S. Tariffs

The global oil market is facing significant turbulence, largely due to the United States' decision to impose tariffs on the majority of countries, according to Kremlin Spokesman Dmitry Peskov.

He added that Russian authorities are closely monitoring the situation, The Caspian Post reports, citing TASS.

"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 told a briefing.

The authorities are doing everything to mitigate the global situation for the Russian economy, he stressed.

On April 2, US President Donald Trump announced the implementation of tariffs on products from 185 countries and territories. No new tariffs were announced for Russia.

Universal tariffs amounting to 10% came into force on April 5, while individual ones will enter force on April 9. Moreover, the US administration imposed customs tariffs in the amount of 25% on all imported cars starting April 3. Trump also declared a state of emergency in the country over the economic situation.