... to support prices. U.S. sanctions pressure and India's position Washington has intensified pressure on India in an effort to limit its collaboration with the Russian oil sector. U.S. President Donald Trump has signed an order imposing additional 25% tariffs on imports from India as a sanction for India's purchases of Russian oil. This measure, announced in early August, marks an unprecedented step directly aimed at the second largest market for Russian oil. The tariffs will take effect in a few weeks,...

... holding steady around $69. Several factors are fueling the price increase: Trade De-escalation Between the U.S. and Allies: A framework agreement between Washington and Brussels has prevented the escalation of trade disputes. The parties agreed on mutual tariff reductions and significantly increased exports of U.S. energy resources to Europe, improving investor sentiment and bolstering expectations for rising demand for U.S. oil and gas. The U.S. has also intensified discussions with India to remove trade ...

... agreements, but Gazprom's overall export profile is now much more Asian-oriented. The domestic market for Gazprom remains stable but regulated: domestic gas prices are indexed roughly to the level of inflation, and in 2025 there was also a scheduled tariff increase (about 5–7% in mid-year). This supports revenue in the domestic market, although margins within Russia are traditionally lower than export ones. At the same time, the ruble's exchange rate played a dual role. In the first half of 2025,...

... note. The pan-European STOXX 600 index rose by about 0.5% over the final sessions, bouncing back from external risk concerns. The main news was the agreement reached between Washington and Brussels, which allowed for the avoidance of new elevated US tariffs on EU goods starting August 1. This move has eased the situation in global trade: the threat of a large-scale tariff war looming over European manufacturers (especially in the automotive sector) has receded. Shares of major European automakers ...

... prices rather than chase the market at its peak. Trade Wars, Inflation, and Fiscal Risks At the shareholders' meeting, Buffett also touched upon macroeconomic risks that reinforce his cautious stance. He stated that protectionist trade policies and tariffs could severely harm the global economy: “trade should not be used as a weapon.” The increase in U.S. tariffs and retaliatory measures from other countries essentially ignites trade wars, which Buffett describes as a direct “act of war” ...