Rubio says Russia sanctions pause to 'analyse' impact on global economy

US Secretary of State Marco Rubio announced on Saturday that the US will pause sanctions and tariffs on Russia for a 60-day period to analyze their impact on both the global and US economies. The economic restrictions are not limited to Russia alone, as various conflicts worldwide are affecting global energy prices. These conflicts, including the US war on Iran and attacks on Saudi Arabia by Yemen's Houthis, are exacerbating the situation, causing a ripple effect on oil and diesel prices, and ultimately impacting economies globally.

Rubio highlighted that these issues are not just affecting oil and diesel prices but are also influencing economies as a whole. The move comes after President Donald Trump signed an executive order waiving sanctions and tariffs targeting Russia, a measure that was initially adopted by Congress and signed into law by Trump in September.

The law imposed sanctions on Russian officials, oligarchs, and financial institutions, and granted Trump the authority to impose sanctions on major buyers of Russian oil and gas. The deal struck with Kremlin leader Vladimir Putin to allow the export of Russian diesel in exchange for sanctions easing seems to have already started impacting the US economy, with cost-of-living concerns being top of mind for voters ahead of the key midterm elections next month.