The United States is considering lifting sanctions on more Russian oil shipments in an effort to stabilize global energy markets reeling from the escalating conflict in the Middle East US Treasury Secretary Scott Bessent announced the potential move as crude oil prices soared by nearly 30% in a week, driven by disruptions in the Strait of Hormuz following retaliatory attacks by Iran in its conflict with the US and Israel
The objective, according to Bessent, is to release "hundreds of millions of barrels of sanctioned crude on the water" to create a new supply source and provide relief to the market This consideration follows a decision by Washington to temporarily authorize India to purchase Russian oil that was stranded at sea, a waiver valid through April 3, 2026
Washington has clarified that these measures are specifically aimed at mitigating the current energy crisis and do not signal a broader easing of restrictions imposed on Moscow over the war in Ukraine The move comes as high oil prices create significant domestic and international pressure In response, Kremlin economic adviser Kirill Dmitriev stated on X that "Western sanctions have proven detrimental to the world economy"
Yasir Rai
