"The world is very well supplied in oil. Yesterday, Treasury agreed to let our allies in India start buying Russian oil that was already on the water, emphasizing that the Indians have been very good actors who stopped buying Russian oil upon U.S. request this past fall. To ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil."
"We may unsanction other Russian oil. There are hundreds of millions of sanctioned barrels of crude on the water, and in essence, by unsanctioning them, Treasury can create supply. We are looking at that. Once this is over, oil prices are going to be sustainably lower and in a safer position for years, if not decades to come."
"In response to Bessent's Thursday X post announcing the temporary 30-day waiver allowing Indian refiners to buy Russian oil, Representative Don Bacon (R-NE) wrote, I condemn this decision. The weakness towards Russia is appalling."
Treasury Secretary Scott Bessent announced on Fox Business that the Trump administration is considering unsanctioning Russian oil to address rising global crude prices. The administration granted India a temporary waiver to purchase Russian oil already in transit, citing India's compliance with previous U.S. requests to halt Russian oil purchases. Bessent stated hundreds of millions of sanctioned barrels exist at sea, and unsanctioning them could increase global supply and stabilize prices long-term. U.S. crude experienced its largest weekly gain since 1983, rising 35.63%. The move drew criticism from Republican Representative Don Bacon and energy analysts, with some viewing it as weakness toward Russia.
#russian-oil-sanctions #energy-prices #us-foreign-policy #treasury-department #geopolitical-tensions
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