The Trump administration temporarily lifted sanctions on Russian oil “stranded at sea” Thursday in an effort to contain skyrocketing energy prices due to Iranian threats against tanker ships.
Treasury Secretary Scott Bessent described the move as one of President Trump’s “decisive steps to promote stability in global energy markets” and keep oil prices low amid the “threat and instability posed by the terrorist Iranian regime.”
“To increase the global reach of existing supply, [Treasury] is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Bessent wrote on X.
The treasury secretary noted that the “narrowly tailored, short-term measure” will only apply to oil “already in transit,” asserting that it “will not provide significant financial benefit to the Russian government.”
Bessent said the Kremlin “derives the majority of its energy revenue from taxes assessed at the point of extraction.”
“President Trump’s pro-energy policies have driven U.S. oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans,” the treasury secretary continued. “The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term.”
The exemptions will be in place until April 11.
