Trump Lifts Sanctions on Russian Oil to Offset Iran War Price Surge

(Photo by Denis Thaust / SOPA Images/Sipa USA)(Sipa via AP Images)

President Donald Trump temporarily lifted sanctions on Russian oil shipments already at sea in a move designed to cool surging global energy prices driven by the escalating conflict with Iran.

The U.S. Treasury Department announced the exemption late Thursday, allowing Russian crude currently in transit to be sold on international markets until April 11. The decision could release hundreds of millions of barrels of oil and ease pressure on prices that have hovered around $100 a barrel since the outbreak of hostilities involving Iran and the regime’s pressure to shut the Strait of Hormuz shipping route.

Around 130 million barrels of Russian crude are currently stranded at sea, the New York Times reported, citing commodities tracking firm Kpler.

Treasury Secretary Scott Bessent, who was abruptly summoned to the White House Situation Room during a live Sky News interview before the decision was announced, later acknowledged the geopolitical sensitivity of the move in a post to X but argued it was “narrowly tailored” and a “temporary authorization.” He argued the move “will not provide significant financial benefit to the Russian government”:

The decision marks a significant shift in Washington’s economic pressure campaign against Moscow, which has been subject to sweeping Western sanctions since Russia’s 2022 invasion of Ukraine.

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