Russian Oil Poised To Flood World Markets As Trump Admin Lifts Sanctions
The Trump administration is lifting sanctions on Russian oil to counter Iran’s stranglehold on Middle Eastern energy. The U.S. began Operation Epic Fury on Feb. 28, killing Iranian Supreme Leader Khamanei and striking…
The Trump administration is lifting sanctions on Russian oil to counter Iran’s stranglehold on Middle Eastern Energy.
The U.S. began Operation Epic Fury on Feb. 28, killing Iranian Supreme Leader Khamanei and striking key military locations in the Islamic Republic. Iran’s retaliatory strikes caused tanker traffic through the Strait of Hormuz to plummet, dramatically increasing prices and prompting the Trump administration to temporarily lift Russian oil sanctions.
The U.S. Department of the Treasury gave a temporary 30-day waiver on Russian oil sanctions March 5 to allow for Indian refineries to purchase Russian crude oil already in transit on the sea. The U.S. Treasury announced on March 12 the temporary tariff suspension would apply to all countries until April 5.
Over 130 million barrels of Russian crude oil remained on the sea as of March 6, according to a report by Kpler.
U.S. Secretary of the Treasury Scott Bessent