US Treasury secretary hints at lifting more Russian oil sanctions amid price surges following Mid-East war
The Straits Times
The development comes after oil tanker traffic through the Strait of Hormuz has virtually halted. Read more at straitstimes.com.
WASHINGTON – US Treasury Secretary Scott Bessent on March 6 said his government was considering lifting sanctions on more Russian oil, a day after it temporarily authorised India to buy from Moscow amid a surge in global oil prices.
The US-Israel war on Iran and Tehran’s retaliatory attacks across the Gulf region have upended the world’s energy and transport sectors, virtually halting activity in the Strait of Hormuz.
Crude soared 8.5 per cent on March 6 and was up nearly 30 per cent for the week after US President Donald Trump said only the “unconditional surrender” of Iran would end the Middle East war.
“We may unsanction other Russian oil,” Mr Bessent told Fox Business on March 6.
“There are hundreds of millions of barrels of sanctioned crude on the water. And in essence, by unsanctioning them, Treasury can create a supply.”
Washington has insisted that the new measures are not aimed at easing restrictions on Moscow, imposed over its conduct in negotiations to end the war in Ukraine, but instead only affect supplies already in transit.
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