President Donald Trump confirmed on 8 March that he spoke with Russian President Vladimir Putin for roughly an hour, calling it "a very good conversation" focused on the war with Iran and efforts to end Russia's war in Ukraine — as his administration moves toward easing oil sanctions on Moscow to cool surging global energy prices.
The call was the first between the two leaders since the US and Israel launched military operations against Iran. Putin's foreign policy adviser Yuri Ushakov told Russian reporters the conversation was "frank" and "businesslike," and that Putin presented Trump with "several proposals" for ending the war with Iran, TASS reported.
Trump, speaking to reporters, acknowledged the depth of the divide between the two sides in Ukraine: "There's tremendous hatred between Putin and Zelenskyy," he said, "and they just can't make a deal." He nonetheless called the exchange "positive" and said Putin had expressed a desire to be "helpful" on the Middle East — a framing Trump said he pushed back on. "I told him the more helpful thing would be to end the war in Ukraine," Trump said.
On Iran, the White House said Trump envoy Steve Witkoff has already communicated to Russian officials that they should not share intelligence with Tehran. Russia is a key ally of Iran, and US officials have expressed concern it may be assisting the Iranian war effort, according to Axios. Trump downplayed that scenario publicly.
The call came as Trump's administration scrambles to contain the economic fallout from the conflict. Oil prices surged to nearly $120 a barrel on Monday before pulling back, driven by a near-total halt in shipping through the Strait of Hormuz — the waterway through which roughly 20% of the world's oil supply transits daily, CNN reported. US gas prices have jumped 51 cents per gallon in a single week.
To address the supply crunch, the administration is now considering reducing oil-related sanctions on Russia, with an announcement possible as early as Monday, according to three sources familiar with the planning who spoke to Reuters on condition of anonymity. Options on the table range from broad sanctions relief to more targeted measures — such as allowing India to purchase Russian crude without facing US penalties, including tariffs.
Washington last week already permitted India to temporarily buy Russian oil already at sea to help it manage the disruption to Middle East supplies.
"President Trump and his entire energy team have had a strong game plan to keep the energy markets stable well before Operation Epic Fury began, and they will continue to review all credible options," White House spokesperson Taylor Rogers said, using the administration's name for the Iran war. "Any policy announcement will come directly from the President or his team," she added.
Any easing of Russian oil sanctions would carry diplomatic costs. The move could complicate US efforts to restrict Russia's revenues from oil exports — revenues that fund its ongoing war in Ukraine. Ukrainian President Volodymyr Zelenskyy said 9 March that a planned trilateral meeting between Ukraine, the US, and Russia on ending that war had been postponed due to the Iran operation, though he said Kyiv remained ready to negotiate "at any moment."
Beyond the Russia sanctions question, the administration has been drawing up a wider menu of options, CNN reported, ranging from easing Jones Act shipping restrictions and loosening domestic oil regulations, to more aggressive interventions — including potential price controls, limits on US oil exports, and direct Treasury intervention in oil futures markets. Officials have also broached deploying the Strategic Petroleum Reserve, after days of ruling it out, though deep reluctance remains.
On Monday, the Group of Seven nations discussed a coordinated reserve release but opted against immediate action. The US was among those skeptical of the step, according to CNN.
Energy analysts said the options under consideration are unlikely to offset the scale of disruption. "The other options that the administration has, other than ending the war, are actually pretty limited," said Neil Atkinson, a former head of the International Energy Agency's oil industry and markets division. "The oil market is massively short of supply."
