March 13, 2026
U.S. temporarily lifts sanctions on Russian oil as Middle East war drives up energy prices
The United States has temporarily eased sanctions on Russian oil that is currently at sea. The exemptions, issued by the Treasury Department on Thursday, will remain in effect until April 11.
TL;DR
- U.S. Treasury Department issued temporary sanctions exemptions on Russian oil at sea until April 11.
- The move aims to promote stability in global energy markets and keep prices low amid the Middle East war.
- The exemption applies only to oil already in transit and is not expected to provide significant financial benefit to Russia.
- Oil prices have surged due to the war in the Middle East and Iran blocking the Strait of Hormuz.
- Approximately 130 million barrels of Russian oil were in transit as of March 6, with some delayed by sanctions.
- Indian refineries have already purchased about 30 million barrels under a recent temporary waiver.
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