U.S. eases some Russian oil sanctions but crude prices stay high
BNN Bloomberg
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The move, intended to soothe jittery markets over the disruption of Middle Eastern oil and gas supplies, underlines how the war has boosted Moscow’s ability to profit from its energy exports, a pillar of the Kremlin’s budget as it presses its invasion of Ukraine.
U.S. sanctions will not apply for 30 days on deliveries of Russian oil that’s been loaded on tankers as of Thursday, U.S. Treasury Secretary Scott Bessent said on X. That would give reluctant purchasers a green light to take the oil without worrying that they will run afoul of U.S. sanctions rules.
The Trump administration earlier had granted a 30-day reprieve to refineries in India.
Bessent said the “narrowly tailored, short-term measure” was part of President Donald Trump’s “decisive steps to promote stability in global energy markets” and to “keep prices low.”
Allowing the sale of stranded Russian oil would provide no additional financial benefit for the Russian government because the Kremlin already taxed the oil when it was extracted from the ground, Bessent said. Washington has sanctioned Russia’s two biggest oil companies, Lukoil and Rosneft, as part of efforts to end the fighting in Ukraine. Except for the 30-day reprieve for floating oil, those sanctions remain in place.
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