The US has loosened sanctions for some countries buying Russian oil and petroleum already loaded on vessels at sea, as the US-Israel war with Iran disrupts energy supplies and drives prices higher.
Waiver tied to oil already in transit
US Treasury Secretary Scott Bessent said the temporary waiver is aimed at promoting “stability in global energy markets”.
Bessent said the waiver would run until 11 April and apply only to “permit countries”.
He also argued the move would not materially help Moscow.
Bessent cautioned:
“The ‘short-term measure’ would ‘not provide significant financial benefit to the Russian government’.”
Russia said it has about 100 million barrels of oil currently in transit.
Hormuz disruption drives prices above $100
Attacks on ships and energy infrastructure in the Gulf, alongside the effective closure of the Strait of Hormuz, have rocked global energy markets.
Around a fifth of the world’s oil usually passes through the Strait of Hormuz.
Oil tankers stranded in the Gulf and unable to traverse the channel between Iran and Oman have contributed to a growing supply crisis.
Oil prices climbed above $100 a barrel on Thursday, while stock markets fell after three more cargo vessels were hit and Iran’s new supreme leader vowed to keep blocking the waterway.
Strategic releases and Moscow’s response
Washington said it would release 172 million barrels from its strategic petroleum reserve on Wednesday.
The International Energy Agency said it would release a record 400 million barrels of oil.
Kirill Dmitriev, an economic envoy for Russian President Vladimir Putin, said the US was acknowledging the role of Russian supply.
Dmitriev said:
“Without Russian oil, the global energy market cannot remain stable.”
Allies push back as Ukraine warns
Ukrainian President Volodymyr Zelensky previously warned that easing sanctions would be a “serious blow” for Ukraine and a “concession” that could enable Russia to buy more weapons.
Zelensky said:
“Easing sanctions would be a ‘serious blow’ for Ukraine and ‘concession’ to Russia.”
French President Emmanuel Macron said the Hormuz shutdown did not justify lifting sanctions on Russia.
Macron said:
“The Strait of Hormuz’s shutdown ‘in no way’ justified lifting the sanctions on Russia.”
The UK will not follow the US in easing sanctions on Russian oil, energy minister Michael Shanks said.
Shanks said:
“What we absolutely can’t have is Putin sitting in the Kremlin seeing this as a chance to invest in the war machine.”
Bessent also said the US would start escorting vessels through the Strait of Hormuz “as soon as it is militarily possible”.
Bessent said:
“As soon as it is possible to ensure safe passage we will do it.”
