This exemption has been in effect since mid-March and allows transactions with Russian oil transported by sea and expires on April 11. The decision was made as part of attempts to stabilize world energy prices against the backdrop of the US and Israeli war against Iran.
According to the special representative of the illegitimate Russian President Vladimir Putn, Kirill Dmitriev, the initial easing of sanctions could free up about 100 million barrels of Russian oil, which is almost the daily volume of global production.
US Treasury Secretary Scott Bessent discussed the possibility of extending the exemption with Trump at the White House, and the parties agreed that it would be advisable, one of the sources said.
According to Bloomberg, the US is under pressure, in particular, from some Asian countries. India and the Philippines are seeking to extend the sanctions exemption for Russian oil due to the risk of energy shortages and rising prices.
Context
Against the backdrop of the war between the United States and Israel with Iran, since March 1, shipping through the Strait of Hormuz, one of the most important routes for global oil trade, through which millions of barrels of crude oil and petroleum products pass daily from the Middle East to Asia, Europe and the United States, has practically stopped. Oil prices began to rise sharply.
On March 6, Bessent said that India had received sanctions relief during the war in Iran. On the same day he informed that The United States is considering the possibility of lifting sanctions on Russian oil. The corresponding decision was made March 12 Office of Foreign Assets Control (OFAC) of the US Treasury Department.
