Trump Removes Sanctions on Russia to Help Oil Flow Amid Iran Conflict
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Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term.
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Advertisement SKIP ADVERTISEMENT Supported by SKIP ADVERTISEMENT Trump Removes Sanctions on Russia to Help Oil Flow Amid Iran Conflict Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term. Listen · 4:07 min Share full article By Alan Rappeport Reporting from Washington March 12, 2026, 9:32 p.m. ET The United States on Thursday temporarily lifted sanctions on Russian oil that is currently at sea, allowing it to be shipped to buyers around the world as the Trump administration scrambles to contain energy prices that have been soaring because of the war in Iran. The exemptions, which were issued by the Treasury Department, will be in place until April 11. Treasury Secretary Scott Bessent estimated that freeing Russian oil could add hundreds of millions of barrels of crude to global markets, curbing prices that have been hovering near $100 per barrel as a result of the Iran conflict. The decision was a significant turning point in America’s effort to punish Russia for its war in Ukraine. Russia has faced punishing sanctions from the United States and the rest of the Group of 7 advanced economies since Moscow’s invasion of Ukraine in 2022. Those sanctions have included a price cap on Russian oil and a crackdown on Russia’s “shadow fleet” of unmarked vessels that oil exporters have used to evade sanctions. As President Trump’s war with Iran has unfolded, his administration has looked for ways to mitigate the economic pain. His administration temporarily freed Russian oil last week that was sitting at sea and was set to be delivered to India. It is also in the process of offering a $20 billion maritime insurance backstop through the U.S. International Development Finance Corporation, an agency that generally lends to and invests in overseas companies and projects. Mr. Bessent asserted on Thursday that Russia would not benefit significantly from the sanctions relief but acknowledged...
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