US has eased sanctions on Russian oil following appeals from several countries, — Bessent
The U.S. Department of the Treasury has decided to extend exemptions from oil sanctions against Russia and Iran following requests from a number of countries.
According to Censor.NET, Treasury Secretary Scott Bessent made this statement during Senate hearings.
He added that this decision was made against the backdrop of rising global energy prices and following requests from the countries most affected by the blockade of the Strait of Hormuz.
Reasons for the easing of sanctions
During the hearing, Senator Chris Coons criticized this decision. He stated that easing sanctions allows Russia to generate significant revenue, which could be used to finance the war and support Iran.
In response, Bessent acknowledged that Russia had indeed reaped additional profits. At the same time, he emphasized that without this move, oil prices could have risen sharply.
"Without this decision, oil prices could have reached $150 per barrel instead of around $100," Bessent emphasized.
According to the minister, this would have a negative impact on the global economy and consumers, particularly in the United States.
Bessent also noted that representatives from more than ten energy-vulnerable countries had approached the U.S. side. It was these appeals that proved to be the key factor in the decision to revise the position.
What happened before?
The New York Times reported that in April, Russia received at least $12.8 billion in oil taxes—twice as much as in March. Daily additional revenues exceeded $100 million.
- The U.S. Department of the Treasury announced the removal of a number of individuals and entities from the sanctions list related to Russia.
- The United States has granted a 30-day waiver allowing countries to purchase Russian oil and petroleum products that are subject to sanctions and are currently on tankers at sea. Treasury Secretary Scott Bessent called this move a measure to stabilize global energy markets, which have been unsettled by the war with Iran.
