US Treasury secretary hints at lifting more Russian oil sanctions amid price surges following Mid-East war
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US Treasury Secretary Scott Bessent said there are a million barrels of sanctioned crude on the water, and that a supply can be created if the sanctions are lifted.
PHOTO: EPA
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 un-sanction 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 affect only supplies already in transit.
“We’re going to keep a cadence of announcing measures to bring relief to the market during this conflict,” said Mr Bessent, with high oil prices a pain point both domestically and for international markets.
On March 5, the US government temporarily eased economic sanctions to allow Russian oil currently stranded at sea to be sold to India.
It said the transactions, including from vessels blocked by various sanctions regimes, are authorised until the end of the day on April 3, 2026. AFP
