"President Donald Trump temporarily lifted sanctions on Russian oil shipments already at sea in a move designed to cool surging global energy prices driven by the escalating conflict with Iran. The U.S. Treasury Department announced the exemption late Thursday, allowing Russian crude currently in transit to be sold on international markets until April 11."
"Around 130 million barrels of Russian crude are currently stranded at sea, the New York Times reported, citing commodities tracking firm Kpler. Treasury Secretary Scott Bessent, who was abruptly summoned to the White House Situation Room during a live Sky News interview before the decision was announced, later acknowledged the geopolitical sensitivity of the move."
"@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime. To increase the global reach of existing supply, @USTreasury is providing a temporary authorization."
The Trump administration temporarily exempted Russian crude oil already in transit from sanctions, allowing it to be sold on international markets until April 11. Approximately 130 million barrels of Russian crude are stranded at sea. This decision aims to stabilize global energy prices that have surged around $100 per barrel due to escalating Iran hostilities and threats to close the Strait of Hormuz shipping route. Treasury Secretary Scott Bessent characterized the move as narrowly tailored and temporary, arguing it provides minimal financial benefit to Russia while addressing energy market instability caused by Iranian threats.
Read at www.mediaite.com
Unable to calculate read time
Collection
[
|
...
]