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US Weighs Easing Curbs on Russian Oil Shipments
(MENAFN) The United States is evaluating the possibility of removing restrictions on more Russian oil cargoes to help relieve a short-term gap in worldwide supply, Treasury Secretary Scott Bessent said during an interview with Fox News on Friday.
His comments come after Washington approved a temporary 30-day exemption permitting Indian refineries to continue acquiring Russian crude, a move intended to keep global oil availability steady.
“The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did,” Bessent stated.
He explained that India had intended to substitute those purchases with American crude oil. However, the Treasury Department ultimately authorized the continuation of Russian imports to help offset the current supply shortage.
Bessent noted that officials at the Treasury are now reviewing whether additional volumes of restricted Russian crude currently at sea could be allowed back into the market.
“We may unsanction other Russian oil,” he said. "There are hundreds of millions of barrels of sanctioned crude on the water ... by unsanctioning them, Treasury can create supply.”
The treasury chief also indicated that the Trump administration intends to keep unveiling policies designed to reduce strain on international energy markets.
His comments come after Washington approved a temporary 30-day exemption permitting Indian refineries to continue acquiring Russian crude, a move intended to keep global oil availability steady.
“The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did,” Bessent stated.
He explained that India had intended to substitute those purchases with American crude oil. However, the Treasury Department ultimately authorized the continuation of Russian imports to help offset the current supply shortage.
Bessent noted that officials at the Treasury are now reviewing whether additional volumes of restricted Russian crude currently at sea could be allowed back into the market.
“We may unsanction other Russian oil,” he said. "There are hundreds of millions of barrels of sanctioned crude on the water ... by unsanctioning them, Treasury can create supply.”
The treasury chief also indicated that the Trump administration intends to keep unveiling policies designed to reduce strain on international energy markets.
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