Trump Team Readies Oil Sanctions Plan for Russia Deal

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Advisers to President-elect Donald Trump are crafting a wide-ranging sanctions strategy to facilitate a Russia-Ukraine diplomatic accord in the coming months while at the same time squeezing Iran and Venezuela, people familiar with the matter said.

The outgoing Biden administration on Jan. 10 imposed the most disruptive sanctions on Russia’s oil trade by any Western power to date. The move created an open question about how Trump views the measures, given his commitment to quickly ending the war in Ukraine.

There are two main approaches under consideration by the Trump team. One set of policy recommendations — if the incoming administration believes a resolution to the Ukraine war is in sight — involves some good-faith measures to benefit sanctioned Russian oil producers that could help seal a peace deal, said the people, requesting anonymity as the deliberations are private. A second option would build on the sanctions, ramping up pressure even further to increase leverage, they said.

The approach that Trump ultimately chooses is pivotal to the global oil market. Brent futures have gained almost $5 a barrel since Biden’s m…