The United States has temporarily relaxed certain sanctions on countries buying Russian oil that’s already been loaded onto ships.
Officials say the goal is to soften the economic shock caused by the escalating conflict involving the US, Israel, and Iran, which has been pushing global energy prices higher, BBC reported.
US Treasury Secretary Scott Bessent explained that the short-term waiver is meant to support stability in global energy markets. He emphasised that the measure is limited in scope and isn’t expected to offer Russia any major financial gain.
Russia says it currently has about 100 million barrels of oil already at sea. The ongoing attacks on ships and energy facilities in the Gulf, along with the near shutdown of the Strait of Hormuz, have sent tremors through global energy supplies.
Oil prices rose above $100 a barrel again on Thursday. Stock markets fell after three more cargo ships were struck in the Gulf, and Iran’s new supreme leader vowed to continue blocking the critical waterway. Normally, about 20% of the world’s oil passes through the Strait of Hormuz. Now, tankers stuck in the Gulf—unable to move through the narrow passage between Iran and Oman—are deepening the supply crunch.
The US waiver lasts until 11 April and applies only to a specific group of permitted countries. Bessent noted that the recent price surge is a “short-term disruption” and expressed confidence that the country and its economy will benefit in the long run.
This shift comes just after Washington announced it would release 172 million barrels from its strategic petroleum reserve.
Kirill Dmitriev, economic envoy to Russian President Vladimir Putin, said the US move shows that global energy stability simply isn’t possible without Russian oil. With the crisis intensifying, he suggested that further easing of restrictions on Russian energy may be unavoidable.
