Treasury Secretary Scott Bessent announced on X that the department has temporarily lifted sanctions on Russian oil, permitting countries to purchase it.
However, the relief only applies to oil on tankers stranded at sea.
“To increase the global reach of existing supply, the Treasury Department is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” wrote Bessent. “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.”
Gas prices have gone up since the U.S. launched Operation Epic Fury. But the price of oil continues to fluctuate.
I mean, there’s a reason why energy is considered volatile in CPI reports. The prices change all the time, even within a day.
Don’t forget state taxes!
Anyway, of course, the decision has caused a freakout.
The Democrats on the Senate Committee on Banking, Housing, and Urban Affairs demanded that Bessent face a congressional hearing.
“The Trump administration cannot simultaneously claim to be prioritizing U.S. military operations while offering sanctions relief to [Russian President Vladimir] Putin,” the minority members wrote. “The solution to a war started by President Trump must not be to reward the adversary helping Iran target American troops.”
Canada and Europe won’t ease Russian sanctions, claiming Trump’s move betrays Ukraine and gifts Russian dictator Vladimir Putin.
“The unilateral decision by the US to lift sanctions on Russian oil exports is very concerning, as it impacts European security,” said António Costa, President of the European Council. “Any step that would enable Russia to increase its revenues from oil sales would be problematic in view of the larger goals that we have regarding crippling Russia’s war capabilities against Ukraine.”
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