The US’s consideration of lifting Russian oil sanctions is back in focus after Treasury Secretary Scott Bessent said Washington may further ease restrictions to increase supply amid rising oil prices.
The comments came a day after the United States temporarily authorised India to buy Russian oil already stranded at sea, amid market disruption linked to the US-Israel war on Iran and Tehran’s retaliatory attacks across the Gulf region.
Bessent said the administration is watching energy markets closely and plans to continue announcing measures to provide relief during the conflict.
BREAKING: US reportedly considering lifting sanctions on Russian oil.
This comes after it was reported that Russia was giving Intel to Iran on where our troops and equipment were.
This is how incompetent this administration is. pic.twitter.com/16ffaf97ID
— Brian Krassenstein (@krassenstein) March 6, 2026Why the US considering lifting Russian oil sanctions matters
Bessent told Fox Business that the Treasury could “unsanction other Russian oil,” arguing that easing restrictions on crude already at sea could add supply and help calm the market.
He said there are hundreds of millions of barrels of sanctioned crude in transit and that allowing those barrels to move could create additional supply without changing broader policy goals.
US officials have insisted the latest step is not intended to soften the overall stance on Moscow, but rather to address supply already in transit as prices remain under pressure.
On Thursday, the US government temporarily eased economic sanctions to allow Russian oil currently stranded at sea to be sold to India.
The authorisation covers transactions involving oil from vessels affected by various sanctions regimes and runs through the end of the day on April 3, 2026, according to the report.
The conflict has upended energy and transport activity in the Gulf region, with disruption described as virtually halting activity in the Strait of Hormuz.
Read: Oil Prices Surge as Strait of Hormuz Closure Tightens Supply, WTI Jumps Over 10%
Crude prices surged sharply on Friday and rose significantly over the week, as the war and related statements from US leadership heightened volatility.
Kremlin economic adviser Kirill Dmitriev said he was discussing the issue with the United States, calling Western sanctions harmful to the global economy.
