Kremlin: Energy prices would drop immediately if sanctions lifted

Kremlin spokesman Dmitry Peskov said that global oil markets are deteriorating due to instability and escalating tensions in the Gulf region.

Speaking at a press conference, according to Russia's Sputnik agency, Peskov stated that Russia has imposed a ban on oil product exports to meet domestic demand, which could further negatively impact an already fragile situation. He added that energy prices would fall immediately if sanctions against Russia were lifted.

Separately, Russia on Tuesday welcomed what it called a "good idea" proposed by US President Donald Trump for a ceasefire to halt mutual Russian-Ukrainian strikes on energy infrastructure, an initiative Trump said both countries had agreed to.

During his daily briefing, Peskov said, "We have seen President Trump's statement. We consider it a good idea and a positive initiative," adding, "We always support peaceful solutions."