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Bessent says US considers lifting more sanctions on Russian oil to ease global supply gap
The U.S. issued a 30-day waiver letting India buy stranded Russian oil to ease global supply shortages amid Middle East tensions, with India sourcing 20% of imports from Russia.
- AP reporting on Friday said Washington is considering lifting sanctions on more Russian oil and the U.S. Treasury Department permitted India to resume purchases amid supply concerns.
- After the February 28 strikes, Iran's retaliation disrupted regional shipping around the Strait of Hormuz, sharply tightening supplies and pushing crude and gas prices up this week.
- Treasury can 'unsanction' oil to create supply, as licences authorising transactions through April 3, 2026, allow vessels with stranded cargoes to move, Bessent said.
- U.S. Energy Secretary Chris Wright called it a short-term measure, but Senate Democrats criticised the easing, warning it could financially benefit the Russian government and aid its war effort.
- India, which imported about 20 per cent of its crude from Russia in February—around 1.04 million barrels per day—says stocks are comfortable and are being replenished daily, monitoring supplies closely.
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Government authorities of Donald Trump said that the exemption granted last week to allow Russian oil purchases by India will help alleviate pressure on the global market
·Brazil
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U.S. Treasury Secretary Scott Bessent stated that Washington could lift some sanctions on Russian oil, after authorizing Indian refineries to buy crude oil from Russia. The Treasury agreed to allow our allies in India to start acquiring Russian oil that was already in maritime transit, Bessent said in an interview with Fox Business on Friday. To ease the temporary oil deficit worldwide, we have given them permission to accept that Russian crude.…
·Barcelona, Spain
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Coverage Details
Total News Sources62
Leaning Left10Leaning Right17Center9Last UpdatedBias Distribution47% Right
Bias Distribution
- 47% of the sources lean Right
47% Right
L 28%
C 25%
R 47%
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