US weighs lifting sanctions on Russian oil

Istanbul (ANTARA) - The United States (US) is considering lifting sanctions on additional shipments of Russian oil to temporarily ease the global supply shortage, said US Treasury Secretary Scott Bessent to Fox News on Friday, 6 March.

The statement came after the US decision to issue a temporary 30-day exemption enabling Indian refineries to purchase sanctioned Russian oil in an effort to maintain global supply.

“India has been a highly cooperative party. We have asked them to halt purchases of sanctioned Russian oil in the autumn, and they did so,” Bessent said.

He added that India had previously planned to replace those purchases with US crude, but the Treasury Department granted permission to import Russian oil to help address the shortage.

Bessent said the US Treasury Department is reviewing the possibility of releasing additional shipments of sanctioned Russian crude to the market.

“We may lift sanctions on other Russian oil,” he said. “There are hundreds of millions of barrels of sanctioned crude at sea. By lifting those sanctions, the Treasury Department could create supply.”

He added that the Trump administration intends to keep announcing measures aimed at reducing pressure in global energy markets.

The statement comes amid rising tensions in the Middle East disrupting shipping through the Strait of Hormuz, a vital route for global energy trade.

Traffic in that waterway slowed sharply after attacks by the United States and Israel on Iran, and Tehran’s retaliatory strikes, which also pushed up oil prices and sparked concerns about global supply.

Source: Anadolu