President Trump has temporarily lifted oil sanctions against Russia as part of a desperate effort to stave off an energy crisis created by the war with Iran.
The New York Times reported that the sanctions were lifted Thursday. The change applies to Russian oil that is currently at sea and will last until April 11. The sanctions came about as part of the U.S. effort to punish Russia for its invasion and ongoing war in Ukraine.
Since the war, oil prices have spiked and created concerns that the conflict will cause a global energy crisis. Early Friday, the Brent crude oil price topped $100 per barrel, while WTI crude was in the mid-90s.
Iran has repeatedly lashed out at oil and natural gas infrastructure in the Middle East. Also, the country has effectively closed the Strait of Hormuz, a critical shipping corridor through which 20 percent of the world's oil supply travels.
The decision to ease sanctions on Russia comes after the International Energy Agency unanimously agreed to release 400 million barrels of oil from emergency reserves. It is the largest reserve release in history.
"To increase the global reach of existing supply, the (U.S.) is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea. This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction," Treasury Secretary Scott Bessent wrote on X.
The decision was criticized by Ukrainian President Volodymyr Zelenskyy Friday.
"The lifting of sanctions means that [Russia] will receive more money and there will be more drone attacks," Zelenskyy said, according to Politico. "It's not very logical."
"Russia will get money for its war machine, and there are a lot of drones that are built on Russian soil to destabilize the Middle East," he added.
Originally published on IBTimes
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