US eases Russia oil sanctions as Iran war pushes up energy prices in Oil & Companies News 14/03/2026 The US has loosened sanctions on other countries buying Russian oil and petroleum already loaded on vessels at sea to curb the economic impact of the US-Israel war with Iran. US Treasury Secretary Scott Bessent said the temporary waiver was aimed at promoting “stability in global energy markets”. The “short-term measure” would “not provide significant financial benefit to the Russian government”, he cautioned. Russia said it had about 100 million barrels of oil currently in transit. Attacks on ships and energy infrastructure in the Gulf, as well as the effective closure of the Strait of Hormuz, have rocked global energy markets. Oil prices climbed above $100 (£75) a barrel again on Thursday, while stock markets fell after three more cargo vessels were hit in the Gulf and Iran’s new supreme leader vowed to keep blocking the major waterway. Around a fifth of the world’s oil usually passes through the Strait of Hormuz. Oil tankers stranded in the Gulf, unable to traverse the narrow channel between Iran and Oman, have led to a growing supply crisis. The jump in energy prices has sparked domestic tensions in countries around the world, including the US, where US President Donald Trump was already facing pressure over economic issues. The latest figures show the economy was growing at an annualised rate of just 0.7% at the end of 2025, a much sharper deceleration than initially estimated. Bessent said the temporary sanctions waiver would last until 11 April and applied only to “permit countries”. “The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” Bessent said. The move comes after Washington announced it would be releasing 172 million barrels of oil from its strategic petroleum reserve on Wednesday. Kirill Dmitriev, Russian President Vladimir Putin’s economic envoy, said the US was “effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable”. He added: “Amid the growing energy crisis, further easing of restrictions on Russian energy sources appears increasingly inevitable.” Ukrainian President Volodymyr Zelensky told a news conference in Paris on Friday that the decision by the US “could give Russia about $10bn (£753m) for the war”, adding that it “certainly does not help peace”, according to news agency AFP. Zelensky is meeting French President Emmanuel Macron to discuss ways of increasing pressure on Moscow, with the Élysée Palace saying the talks aim to help Kyiv defend itself and counter Russia’s shadow fleet of tankers used to transport sanctioned oil. The French president has said that the Strait of Hormuz’s shutdown “in no way” justified lifting the sanctions on Russia. Meanwhile, German Chancellor Friedrich Merz said he believed it was wrong to ease sanctions now, adding that his country’s support for Ukraine “will not be deterred or distracted” by the war in Iran. Russia launched its full-scale invasion of Ukraine in 2022. There have been concerns that the conflict in the Middle East may distract international attention from bringing the war to a close, or serve to benefit Moscow. Bill Browder, a former Moscow-based financier who led a campaign to impose sanctions on top Russian officials accused of corruption, told the BBC that Trump’s move was “a terrible decision that will enr