US temporarily eases Russian oil sanctions to stabilize global markets amid Iran war

The United States (US) has temporarily eased sanctions on Russian oil by issuing a 30-day waiver allowing countries to purchase Russian crude and petroleum products currently stranded at sea. US Treasury Secretary Scott Bessent said the measure aims to stabilize global energy markets disrupted by the ongoing Iran war.

In a statement posted on X, Bessent said the move was intended to expand available supply without providing significant financial gains to Moscow. 

“The Trump administration is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime,” Bessent said.

 He added that the authorization is “narrowly tailored” and applies only to oil already in transit.

According to the license issued by the US Treasury Department, the waiver authorizes the delivery and sale of Russian crude oil and petroleum products that were loaded onto vessels as of March 12. The exemption will remain valid until midnight Washington time on April 11. Reports indicate that about 124 million barrels of Russian-origin oil are currently at sea across dozens of locations globally.

The move comes as global energy markets face severe disruptions following US and Israeli strikes on Iran and Tehran’s response, which has affected shipping through the Strait of Hormuz. The waterway carries roughly one-fifth of the world’s oil exports, and the conflict has pushed benchmark crude prices above $100 per barrel before easing after the waiver announcement.

The US has also taken additional steps to address rising energy prices. Washington earlier announced the release of 172 million barrels from the Strategic Petroleum Reserve. That decision was part of a broader effort coordinated with the International Energy Agency (IEA), whose 32 member countries agreed to release a total of 400 million barrels of oil. The agency said the Middle East war has created the largest oil supply disruption in history, cutting an estimated 8 million barrels per day from global supplies.

Despite the limited scope of the sanctions waiver, Russia has benefited from rising oil prices. According to reporting by the Financial Times, Moscow is earning as much as $150 million per day in additional budget revenue from oil sales as demand rises, particularly from India and China. Estimates suggest Russia could receive between $3.3 billion and $4.9 billion in additional revenues by the end of March as buyers seek alternative supplies during the crisis.