"Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term."
"The United States on Thursday temporarily lifted sanctions on Russian oil that is currently at sea, allowing it to be shipped to buyers around the world as the Trump administration scrambles to contain energy prices that have been soaring because of the war in Iran.
The exemptions, which were issued by the Treasury Department, will be in place until April 11. Treasury Secretary Scott Bessent estimated that freeing Russian oil could add hundreds of millions of barrels of crude to global markets, curbing prices that have been hovering near $100 per barrel as a result of the Iran conflict.
The decision was a significant turning point in America’s effort to punish Russia for its war in Ukraine.
Russia has faced punishing sanctions from the United States and the rest of the Group of 7 advanced economies since Moscow’s invasion of Ukraine in 2022. Those sanctions have included a price cap on Russian oil and a crackdown on Russia’s “shadow fleet” of unmarked vessels that oil exporters have used to evade sanctions."
Alan Rappeport reports for the New York Times March 12, 2026.
SEE ALSO:
"White House Considers Waiving Shipping Rules In Bid To Ease Energy Prices" (Washington Post)
"Trump Suggests High Oil Prices Are A Positive After Bragging About Low Gas Prices Last Month" (PBS)
