Trump says Russia's war in Ukraine 'will end immediately' if OPEC lowers oil prices

President Donald Trump said on Jan. 23 he will ask the Organization of the Petroleum Exporting Countries (OPEC) to lower the price of oil, saying it would end Russia’s full-scale invasion of Ukraine “immediately."

“If the price came down, the Russia-Ukraine war would end immediately,” he said via videolink at the World Economic Forum in Davos, Switzerland.

“Right now the price is high enough that that war will continue, you gotta bring down the oil price and end that war,” he added.

Lower global oil prices would deplete Russia’s main source of revenue that it uses to fund its war in Ukraine, though a recent analysis in Foreign Policy suggested any effects would likely take months to significantly hamper the Kremlin’s war machine.

Another Trump policy — declaring  open season on drilling for U.S. oil and gas — could also potentially push down prices and box out Russian oil.

Trump was also asked if there would be a peace agreement between Ukraine and Russia by the time of next year’s World Economic Forum.

“Well you’ll have to ask Russia. Ukraine is ready to make a deal,” he said.

Speaking of China, he said they “have a great deal of power over that situation,” and that he hoped the U.S. could work with Beijing to end the full-scale invasion of Ukraine.

On Jan. 22, Trump called for an end to the war and threatened to impose sanctions on Moscow if a “deal” is not reached soon.

Trump has signaled his intent to meet Putin “very quickly” after taking office. While the Kremlin welcomed the remarks, it noted that no preparations for the meeting are currently underway.

Trump’s team is reportedly working on arranging a call with Putin shortly after the inauguration, with the goal of initiating a settlement plan for the war in Ukraine within the first months of his presidency.

President Volodymyr Zelensky led a Ukrainian delegation at the World Economic Forum that sought to highlight the country’s economic potential and investment appeal, framing the country as a “prize, not a burden.

Events held at the Ukraine House, the country’s pavilion at the forum, have focused on Ukraine’s vast natural resources, and defense and agricultural sectors.

The delegation’s website says Ukraine holds $26 trillion in mineral wealth, including one-third of Europe’s lithium reserves and significant gas reserves.