Overview

• At the White House, the president said he is ready to enter a “Phase 2” of sanctions against Russia.
• He provided no information on what the next measures would entail or when they might arrive.
• A mid-July threat of roughly 100% tariffs on Russia’s trade partners has not materialized.
• The United States last week levied a 25% tariff on selected Indian imports over New Delhi’s oil dealings with Russia, the only such action to date.
• The administration casts sanctions as leverage for a Ukraine settlement, yet its related diplomatic efforts have not yielded results.