The United States has temporarily lifted sanctions on Russian oil that was previously blocked at sea, as the Trump administration moves to curb rising energy prices affecting global supply.
Scott Bessent, U.S. Treasury Secretary, announced a 30-day temporary authorization on Thursday, allowing countries to purchase the stranded Russian oil. “Trump is working to keep prices low,” Bessent said.
“This targeted, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which receives most of its energy revenue from taxes at the point of extraction,” he added.
The ongoing conflict in the Middle East has nearly closed the Strait of Hormuz, a critical global shipping route through which roughly one-fifth of the world’s oil and gas tankers pass. While the Trump administration has pledged to escort ships through the strait, normal activity has yet to fully resume. Iran has stated it will not allow “a single liter of oil” to be exported from the region while U.S. and Israeli strikes continue.
In recent days, Trump has sought to ease concerns over rising oil prices, noting on social media that the United States is the world’s largest oil producer, meaning higher prices are financially beneficial.
Meanwhile, Hungarian Prime Minister Viktor Orbán requested that the European Union lift all sanctions on Russian fossil fuels to mitigate energy price spikes caused by the Middle East conflict. He reportedly sent a letter to EU Commission President Ursula von der Leyen urging action.
