Trump moves to loosen Russia oil sanctions as Iran war spikes gas prices
Who benefits from this decision?
The Trump administration is starting to loosen its sanctions on Russian oil in an attempt to counteract a rapid surge in gas prices due to the war with Iran.
On Friday, Treasury Secretary Scott Bessent revealed that his department had permitted India to resume buying Russian oil after the United States imposed sanctions last fall. The Cabinet secretary also teased that more oil supplied by Russian companies will see a reprieve from U.S. sanctions due to the international conflict.
“They were going to substitute it with U.S. oil,” he said of India on Fox Business’s Kudlow. “But to ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may un-sanction other Russian oil.”
“The other thing Treasury can do here … is there are hundreds of millions of sanctioned barrels of sanctioned crude on the water. And in essence, by un-sanctioning them, Treasury can create supply,” Bessent continued. “And we are looking at that. We are going to keep a cadence of announcing measures to bring relief to the market during this conflict.”
Oil and gas prices have been rising throughout the week since the start of “Operation Epic Fury” last Saturday morning. The increase is the result of Iran tightening its grip on the Strait of Hormuz, a key global shipping lane through which 20% of the world’s daily oil demand passes.
On Friday, the U.S. crude oil benchmark surpassed $90 per barrel for the first time since September 2023. A week ago, the cost per barrel was about $20 less. Gas prices are also rising quickly. As of Friday, the AAA national average was $3.32 per gallon. That is up about 34 cents from the prior week.
After the Treasury Department issued a license allowing India to temporarily purchase Russian oil without repercussions, multiple Senate Democrats criticized President Donald Trump for attacking Iran and claimed Russia would use the easing of U.S. sanctions to its advantage in a separate conflict with Ukraine.
“This self-made global energy shock is serving to enrich Putin and line his war coffers by offering him windfall profits,” reads the statement, signed by Senate Minority Leader Chuck Schumer (D-NY) and the top Democrats on several committees.
“Instead of changing course, the President is only making this situation worse by handing Putin, his shadow fleet, and traders still dealing in sanctioned oil a free pass to increase oil shipments to Russia’s second-largest importer,” it states. “The new channels …
Who benefits from this decision?
The Trump administration is starting to loosen its sanctions on Russian oil in an attempt to counteract a rapid surge in gas prices due to the war with Iran.
On Friday, Treasury Secretary Scott Bessent revealed that his department had permitted India to resume buying Russian oil after the United States imposed sanctions last fall. The Cabinet secretary also teased that more oil supplied by Russian companies will see a reprieve from U.S. sanctions due to the international conflict.
“They were going to substitute it with U.S. oil,” he said of India on Fox Business’s Kudlow. “But to ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may un-sanction other Russian oil.”
“The other thing Treasury can do here … is there are hundreds of millions of sanctioned barrels of sanctioned crude on the water. And in essence, by un-sanctioning them, Treasury can create supply,” Bessent continued. “And we are looking at that. We are going to keep a cadence of announcing measures to bring relief to the market during this conflict.”
Oil and gas prices have been rising throughout the week since the start of “Operation Epic Fury” last Saturday morning. The increase is the result of Iran tightening its grip on the Strait of Hormuz, a key global shipping lane through which 20% of the world’s daily oil demand passes.
On Friday, the U.S. crude oil benchmark surpassed $90 per barrel for the first time since September 2023. A week ago, the cost per barrel was about $20 less. Gas prices are also rising quickly. As of Friday, the AAA national average was $3.32 per gallon. That is up about 34 cents from the prior week.
After the Treasury Department issued a license allowing India to temporarily purchase Russian oil without repercussions, multiple Senate Democrats criticized President Donald Trump for attacking Iran and claimed Russia would use the easing of U.S. sanctions to its advantage in a separate conflict with Ukraine.
“This self-made global energy shock is serving to enrich Putin and line his war coffers by offering him windfall profits,” reads the statement, signed by Senate Minority Leader Chuck Schumer (D-NY) and the top Democrats on several committees.
“Instead of changing course, the President is only making this situation worse by handing Putin, his shadow fleet, and traders still dealing in sanctioned oil a free pass to increase oil shipments to Russia’s second-largest importer,” it states. “The new channels …
Trump moves to loosen Russia oil sanctions as Iran war spikes gas prices
Who benefits from this decision?
The Trump administration is starting to loosen its sanctions on Russian oil in an attempt to counteract a rapid surge in gas prices due to the war with Iran.
On Friday, Treasury Secretary Scott Bessent revealed that his department had permitted India to resume buying Russian oil after the United States imposed sanctions last fall. The Cabinet secretary also teased that more oil supplied by Russian companies will see a reprieve from U.S. sanctions due to the international conflict.
“They were going to substitute it with U.S. oil,” he said of India on Fox Business’s Kudlow. “But to ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may un-sanction other Russian oil.”
“The other thing Treasury can do here … is there are hundreds of millions of sanctioned barrels of sanctioned crude on the water. And in essence, by un-sanctioning them, Treasury can create supply,” Bessent continued. “And we are looking at that. We are going to keep a cadence of announcing measures to bring relief to the market during this conflict.”
Oil and gas prices have been rising throughout the week since the start of “Operation Epic Fury” last Saturday morning. The increase is the result of Iran tightening its grip on the Strait of Hormuz, a key global shipping lane through which 20% of the world’s daily oil demand passes.
On Friday, the U.S. crude oil benchmark surpassed $90 per barrel for the first time since September 2023. A week ago, the cost per barrel was about $20 less. Gas prices are also rising quickly. As of Friday, the AAA national average was $3.32 per gallon. That is up about 34 cents from the prior week.
After the Treasury Department issued a license allowing India to temporarily purchase Russian oil without repercussions, multiple Senate Democrats criticized President Donald Trump for attacking Iran and claimed Russia would use the easing of U.S. sanctions to its advantage in a separate conflict with Ukraine.
“This self-made global energy shock is serving to enrich Putin and line his war coffers by offering him windfall profits,” reads the statement, signed by Senate Minority Leader Chuck Schumer (D-NY) and the top Democrats on several committees.
“Instead of changing course, the President is only making this situation worse by handing Putin, his shadow fleet, and traders still dealing in sanctioned oil a free pass to increase oil shipments to Russia’s second-largest importer,” it states. “The new channels …
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