WASHINGTON: The United States is considering easing sanctions on additional Russian oil supplies as global energy prices surge amid the ongoing conflict involving Iran, US Treasury Secretary Scott Bessent said on Friday.
The possible move comes a day after Washington temporarily authorised India to purchase Russian oil already stranded at sea, as rising prices disrupt global energy markets, reports The Guardian.
The war between the United States, Israel and Iran, along with Tehran’s retaliatory strikes across the Gulf region, has severely disrupted energy and transport routes, effectively halting activity through the Strait of Hormuz.
Crude oil prices rose sharply, climbing 8.5% on Friday and nearly 30% over the week, after US President Donald Trump stated that only Iran’s “unconditional surrender” would bring an end to the conflict in the Middle East.
Speaking to Fox Business, Bessent said Washington was evaluating whether to allow additional Russian oil supplies to enter the market.
“We may unsanction other Russian oil,” Bessent said.
Sanctioned crude
“There are hundreds of millions of barrels of sanctioned crude on the water. And in essence, by unsanctioning them, Treasury can create a supply.”
US officials have emphasised that the measure is not intended to ease broader sanctions imposed on Moscow over its role in the war in Ukraine. Instead, it would apply only to shipments that are already in transit.
Bessent said Washington planned to continue introducing measures aimed at stabilising the energy market during the ongoing conflict.
“We’re going to keep a cadence of announcing measures to bring relief to the market during this conflict,” he said, noting that elevated oil prices are affecting both domestic and international markets.
Meanwhile, Kremlin economic adviser Kirill Dmitriev said he had been discussing the matter with US officials, writing on X that “Western sanctions have proven detrimental to the world economy”.
Earlier this week, the US government temporarily relaxed sanctions to permit Russian oil currently held at sea to be sold to India.
Officials said the transactions — including those involving vessels affected by multiple sanctions regimes — are authorised until 3 April 2026.
