U.S. Temporarily Lifts Sanctions On Russian Oil Amid Iran Conflict

The actions come amid the ongoing conflict with Iran which has vowed to keep blocking the Strait of Hormuz.

The U.S. is temporarily removing sanctions on Russian oil.

“President Trump is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime,” Treasury Secretary Scott Bessent said. He added that the measure “will not provide the significant financial benefit to the Russian government.”

The exemptions will be in place until April 11. The action comes after the administration lifted restrictions allowing India to buy Russian oil for 30 days. On Wednesday, President Trump said he would tap into the U.S.’s stockpile, releasing 172 million barrels of oil from the strategic petroleum reserve. The actions come amid the ongoing conflict with Iran which has vowed to keep blocking the Strait of Hormuz.