Global Oil Market Situation Extremely Turbulent — Kremlin

The authorities are doing everything to mitigate the global situation for the Russian economy, Dmitry Peskov stressed

Russian Presidential Spokesman Dmitry Peskov Mikhail Sinitsyn/TASS

Russian Presidential Spokesman Dmitry Peskov

© Mikhail Sinitsyn/TASS

MOSCOW, April 7. /TASS/. The situation on the global oil market is extremely turbulent, which is related to the US’ decision to impose tariffs on the majority of countries, Kremlin Spokesman Dmitry Peskov said, adding that the Russian authorities are keeping a close eye on it.

As of 10:08 a.m. Moscow time (7:08 a.m. GMT) the price of futures contracts of Brent crude oil for June 2025 delivery was down below $63 per barrel on London's ICE for the first time since April 12, 2021, according to trading data.

"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.