Washington considers easing sanctions on Russian oil, Bloomberg reports
Advisers to U.S. President Donald Trump are discussing easing sanctions against Russia, including those imposed on Russian oil, a major source of funding for the war in Ukraine, Bloomberg reported on March 10, citing sources.
The news comes as Ukraine and the U.S. are set to hold talks on ending Russia's war in Saudi Arabia this week.
The Trump administration is seeking options to make "a step forward" and encourage the Kremlin to negotiate an end to the war.
Easing the price ceiling on Russian oil is allegedly one option under consideration, Bloomberg reported, citing its undisclosed sources familiar with the matter.
The oil price cap was approved by G7 countries in 2022 and came into effect in 2023. Currently the cap stands at $60 per barrel.
Despite Russia's ability to sustain a wartime economy through increased military spending and industrial production, experts say it remains vulnerable and needs sanctions relief.
The Kremlin has expressed interest in economic cooperation with the U.S., particularly in rare earth metals.
Trump has also sought a minerals deal with Ukraine, which has significant lithium and rare earth metal reserves, as a way to offset the billions of dollars in American aid. However, his meeting with President Volodymyr Zelensky on Feb. 28 ended without an agreement.
Alisa Yurchenko
