Trump temporarily lifts sanctions on Russian oil ‘stranded at sea’
The Trump administration temporarily lifted sanctions on Russian oil “stranded at sea” Thursday in an effort to contain skyrocketing energy prices due to Iranian threats against tanker ships.
Treasury Secretary Scott Bessent described the move as one of President Trump’s “decisive steps to promote stability in global energy markets” and keep oil prices low amid the “threat and instability posed by the terrorist Iranian regime.”
“To increase the global reach of existing supply, [Treasury] is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Bessent wrote on X.
The treasury secretary noted that the “narrowly tailored, short-term measure” will only apply to oil “already in transit.”
There are an estimated 124 million barrels of oil originating from Moscow at sea, which is enough for about five to six days of supply, according to CNBC. (Read more from “Trump temporarily lifts sanctions on Russian oil ‘stranded at sea’” HERE)
