The US government wants to counteract the sharp rise in oil prices: in order to improve supply on the world market, the purchase of Russian oil that is at sea will be allowed for the next 30 days.
This is a step towards stabilizing global energy markets that have been shaken by the war in Iran, announced Treasury Secretary Scott Besant. In the X platform, he wrote that the measure is “strictly limited“ and “short-term“ and will not bring significant financial benefits to the Russian government.
The relief will be in effect until April 11
The United States is allowing the delivery and purchase of Russian crude oil and petroleum products that were loaded onto ships before March 12, German public broadcaster ARD explains. The permission will be valid until April 11 at midnight Washington time, the US Treasury Department confirmed. On Tuesday, after a phone call with Russian President Vladimir Putin, Trump announced that he intends to lift some oil sanctions, the publication recalls.
Last week, the US eased sanctions on Russian oil - India was allowed to buy Russian oil that was already loaded onto tankers for a limited period of time. Two days ago, the US announced that it would release 172 million barrels of oil from the Strategic Petroleum Reserve. With these measures, the Trump administration wants to reduce pressure on the global oil market.
Who benefits from the easing of sanctions?
Around 20 Russian tankers have been anchored off India and China for months. After the US gave them permission, they can now start unloading their oil there, explains the Swiss public broadcaster SRF. Other Asian countries will also benefit in the short term, as their economies are heavily dependent on oil.
Russia will also benefit, as before the Iran war the price of Russian oil had fallen below $40 per barrel because there was no demand. Since the war began, the price of Russian oil has been rising, and the proceeds from sales are filling Putin's military coffers.
Gasoline prices in the US have reached their highest average level in almost two years, and midterm elections for Congress will be held in November. Because of rising prices, Trump and the Republicans are under domestic political pressure. For many Americans, the high cost of living is their most serious problem. In this sense, the Trump administration is probably also acting for domestic political reasons, SRF also points out.