Waiver aims to stabilise oil markets
The United States has temporarily eased sanctions on countries buying Russian oil already loaded on tankers, in an effort to stabilise global energy markets disrupted by the war involving the US, Israel and Iran. US Treasury Secretary Scott Bessent said the waiver is a short-term measure intended to limit economic damage caused by supply disruptions in the Gulf.
The decision allows certain countries to receive shipments currently in transit, with the waiver set to remain in force until 11 April. Bessent stressed that the move would not provide significant financial benefit to Moscow.
Strait of Hormuz crisis shakes supply
Global energy markets have been shaken by attacks on ships and energy infrastructure in the Gulf, as well as the effective closure of the Strait of Hormuz, a route through which about one fifth of the world’s oil normally passes.
Oil prices rose above 100 dollars per barrel after several cargo vessels were hit and Iran signalled it would continue blocking the waterway. Russia said it currently has about 100 million barrels of oil in transit, increasing pressure on supply chains.
Allies divided over decision
The move has drawn criticism from some Western leaders. French President Emmanuel Macron said the situation in the Gulf did not justify easing sanctions on Russia, while the United Kingdom confirmed it would not follow Washington’s decision.
Ukrainian President Volodymyr Zelensky warned that loosening restrictions could help Moscow finance its war, calling the step a serious setback for Ukraine. Former financier Bill Browder also criticised the decision, saying it could prolong the conflict.
Emergency measures worldwide
To ease the crisis, the US has announced the release of oil from its strategic reserve, while the International Energy Agency plans to release a record amount of reserves. Several Asian countries have introduced fuel price controls or energy-saving measures as prices continue to rise.
Washington said naval escorts for oil tankers in the Strait of Hormuz may begin once safe passage can be guaranteed.
Also read: G7 backs potential oil reserves release
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