U.S. Temporarily Eases Russian Oil Sanctions Amid Iran War Price Spike

The Trump administration has temporarily lifted sanctions on Russian oil already at sea, allowing countries to purchase it until April 11, 2026. The emergency measure announced on March 12, 2026, comes in response to oil prices surging above $100 per barrel, a more than 48% increase since late February, due to the war in Iran which has effectively closed the Strait of Hormuz. Treasury Secretary Scott Bessent said the authorization is a temporary measure to promote stability in global energy markets, though the UK government has stated it will not follow the U.S. in easing sanctions on Russia, warning against assisting the Russian war machine in Ukraine. Several European leaders have criticized the decision, while countries like Thailand have announced readiness to buy Russian oil following the sanctions easing.