US Secretary of State Marco Rubio said Saturday that President Donald Trump's waiver of sweeping sanctions and tariffs on Russia would be a 60-day pause to "analyse" their impact on the global economy and "even to the US economy".
Rubio said the economic restrictions involved a number of countries, not just Russia.
He said various conflicts were impacting global energy prices, including the US war on Iran and attacks on Saudi Arabia by Yemen's Houthis.
"These conflicts around the world are starting to crash into each other, and they're having an impact not just on global oil and diesel prices but on economies as well," he said.
US lawmakers on both sides of the political aisle have sharply criticised Trump after he signed an executive order Friday that waived sweeping sanctions and tariffs targeting Russia -- measures adopted by Congress last month.
The law passed in September, and signed by Trump, included sanctions targeting Russian officials, oligarchs and financial institutions, and provided Trump with the authority to impose sanctions on major buyers of Russian oil and gas.
Trump's executive order came after he struck a deal with Kremlin leader Vladimir Putin to allow exports of Russian diesel in exchange for the easing of sanctions.
The impact of steep diesel price hikes due to the Iran war are beginning to filter into the US economy, and cost of living worries are top of mind for voters ahead of key midterm elections next month.
Report by AFP