US Considers Lifting Oil Sanctions on Russia

JAKARTA - The United States (US) is considering lifting sanctions on additional Russian oil shipments to temporarily relieve global supply shortages.

US Treasury Secretary Scott Bessent's statement to Fox News came after the US decision to issue a 30-day temporary exemption that allows Indian refineries to buy Russian oil in an effort to maintain global supplies.

"India has been a very cooperative party. We have asked them to stop buying Russian oil that is subject to sanctions this fall, and they have done so," Bessent said, quoted by ANTARA from Anadolu, Saturday, March 7.

He added that India had previously planned to replace the purchase with crude oil from the US, but the Ministry of Finance granted permission to import Russian oil to help overcome supply shortages.

Bessent said the US Treasury Department is reviewing the possibility of releasing additional shipments of sanctioned Russian crude oil to the market.

"We may lift sanctions on other Russian oil," he said. "There are hundreds of millions of barrels of crude oil under sanctions at sea. By lifting the sanctions, the Treasury can create a supply."

He added that President Donald Trump's administration plans to continue announcing measures aimed at reducing pressure on the global energy market.

The statement comes amid rising tensions in the Middle East that have disrupted shipping through the Strait of Hormuz, a vital route for world energy trade.

Traffic on the waterway slowed sharply after the United States and Israel attacked Iran and Tehran's retaliatory attacks, which also pushed up oil prices and sparked concerns about global supplies.