economy
March 14, 2026
US lifts sanctions on Russia as global oil price spikes
The US has temporarily suspended a Russian oil ban to cool energy markets as crude prices continue to soar after US-Israel attacks on Iran
TL;DR
- US Treasury grants temporary authorization for countries to buy Russian oil loaded on vessels at sea.
- Move aims to stabilize energy markets and curb soaring global oil prices.
- Escalating Middle East tensions, triggered by US-Israeli strikes on Iran, have sent oil prices up.
- Strait of Hormuz closure and Iranian transit blocks contributed to the price surge.
- Waiver applies to Russian oil loaded before March 12 and lasts 30 days.
- Kremlin views the move as aligning with Moscow's interests in stabilizing the energy market.
- Earlier US statements indicated no broader restrictions on Russian oil would be lifted.
- India has been a key buyer of Russian crude since the Ukraine conflict.
- Kremlin condemns US-Israeli strikes on Iran as unprovoked aggression.
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