GZERO World with Ian Bremmer Trump hits oil states
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Nov 2, 2025 The discussion heats up as the hosts analyze Trump’s sanctions on major Russian oil firms and the geopolitical ripple effects. They delve into how Russia and Venezuela are responding amid concerns about global oil prices. The conversation touches on the impact of sanctions on Russia’s economy and explores the U.S. military's maneuvers near Venezuela. Speculations arise about the fate of Maduro and potential U.S. interventions, all while weaving in light moments about the Nobel Peace Prize and local political quirks.
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Tougher Sanctions On Top Russian Oil Firms
- The Trump administration sanctioned Russia's two largest oil firms, a step the Biden team avoided to limit oil-price fallout.
- Increased Gulf production and lower prices softened immediate market shock from these tougher sanctions.
Economic Leverage Through Payment Access
- Sanctions could slash Moscow's oil and gas revenue, which funds 30–50% of the government budget depending on prices and output.
- Losing access to international payment systems could pressure Chinese and Indian refiners to stop buying Russian crude.
Why Losing India, China Would Hurt Russia Deeply
- Over 80% of Russian crude exports go to India and China, so losing those markets would have huge ramifications for Moscow.
- Despite battlefield losses and economic pain, experts expect Putin's high threshold for pain makes immediate policy reversal unlikely.