The US is considering lifting sanctions on Russian oil.

The US administration is considering lifting sanctions on Russian oil to prevent a possible shortage on the global market.

Bessent said this on the Fox Business channel.

According to him, such a step may be considered against the backdrop of the risk of oil shortages due to the military operation against Iran .

Bessent also recalled that the previous day, the US Treasury Department had granted India a 30-day waiver of sanctions. This allows New Delhi to purchase Russian oil under certain conditions.

The deal concerns transactions involving Russian crude oil and petroleum products that were loaded onto ships before March 5, provided that they were delivered to India and purchased by an Indian company.

“We could lift sanctions on other Russian oil as well. There are hundreds of millions of barrels of oil floating in the water that are subject to sanctions, and essentially, by lifting them, the Treasury Department could create additional supply. We’re considering that,” said Scott Bessent .

It was previously reported that Qatar Energy, one of the world’s largest natural gas producers, completely halted production following Iranian Shaheddin missile strikes on its facilities.

As a reminder, Saudi Aramco’s Ras Tanura oil refinery in Saudi Arabia has suspended operations following an attack. According to preliminary reports, the facility was struck by a drone.

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