The Trump administration on Thursday temporarily lifted sanctions on some Russian oil, seeking to alleviate some of the economic pain triggered by the U.S.–Israeli war on Iran and a sharp rise in crude prices.
A Treasury Department general license will allow the sale of about 128 million barrels of Russian oil already loaded onto tankers previously sanctioned by Washington. The authorization lasts 30 days. Treasury Secretary Scott Bessent said the move would let countries buy Russian oil “currently stranded at sea” to expand global supply.
Brent crude futures settled above $100 a barrel Thursday for the first time since 2022, as fighting and shipping disruptions around the Strait of Hormuz fueled fears of a prolonged supply shock.
The Trump administration’s new measure will provide substantial revenue for Moscow, which is already benefiting from higher prices. Critics argue that the move will undermine American efforts to end the Russian invasion of Ukraine, a priority that Trump made a major part of his presidential campaign but which has so far proved elusive.
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