US considering lifting sanctions on Russian oil to ease global shortage, Treasury chief says
U.S. Treasury Secretary Scott Bessent said on March 6 that Washington is considering lifting some sanctions on Russian oil to address a global supply shortage linked to recent military operations in Iran.
Speaking on The Kudlow Report, Bessent said the Treasury Department is weighing whether easing restrictions could bring large volumes of oil currently stuck at sea back onto global markets.
"There are hundreds of millions of barrels of oil in the water that are sanctioned, and, in essence, by lifting the sanctions, the Treasury Department can create supply" Bessent said.
The comments came a day after the United States temporarily eased restrictions on Russian oil shipments destined for India.
Bessent said the move follows earlier cooperation from New Delhi, which had previously curtailed purchases of sanctioned Russian oil at Washington’s request.
The United States imposed sanctions on major Russian energy firms, including Rosneft and Lukoil, in October, targeting more than 30 companies over Russia’s failure to show what officials described as serious commitment to ending the war against Ukraine.
