Treasury Chief Bessent Signals Possible Rollback of Russian Oil Sanctions
The United States is weighing whether to loosen more sanctions on Russian oil after granting India temporary permission to purchase cargoes stranded at sea.
The move comes as global oil markets tighten amid escalating conflict in the Middle East and disruptions to shipping routes near the Strait of Hormuz.
The U.S. Treasury issued a 30-day waiver allowing Indian refiners to buy Russian crude that had already been loaded onto tankers before March 5, according to Reuters and other reports. The authorization runs through April 4 and applies only to shipments already in transit.
Officials say the measure is designed to prevent supply shocks and stabilize global energy markets as the conflict involving the U.S., Israel and Iran pushes prices higher.
Treasury Secretary Scott Bessent said the waiver ensures oil continues reaching global markets.
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The move reflects growing pressure on Washington to manage energy supply risks during the crisis, even as sanctions against Russia remain tied to its war in Ukraine.
Energy analysts say disruptions in the Persian Gulf and fears over tanker traffic near the Strait of Hormuz have already sent oil prices surging in recent days.
Bessent also indicated the administration may consider lifting sanctions on additional Russian oil if supply pressures continue.
Indian officials have meanwhile said their country does not require U.S. approval to purchase Russian crude, emphasizing that energy imports are determined by national interest.
For now, the waiver is temporary, but markets are watching closely to see whether Washington expands it as the geopolitical crisis unfolds.
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