Trump removes sanctions on Russia to help oil flow amid Iran conflict

The United States on Thursday temporarily lifted sanctions on Russian oil that is currently at sea, allowing it to be shipped to buyers around the world as the Trump administration scrambles to contain energy prices that have been soaring because of the war in Iran. The exemptions, which were issued by the Treasury Department, will be in place until April 11.

Treasury Secretary Scott Bessent estimated that freeing Russian oil could add hundreds of millions of barrels of crude to global markets, curbing prices that have been hovering near $100 per barrel as a result of the Iran conflict.

The decision was a significant turning point in America’s effort to punish Russia for its war in Ukraine.

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