Trending Now - US Relaxes Sanctions on Russian Oil Amid Rising Energy Costs

WHO:

Treasury Secretary Scott Bessent

President Trump

Democratic Senator Brian Schatz of Hawaii

Senate Minority Leader Chuck Schumer

Russian envoy Kirill Dmitriev

U.S. negotiators Steve Witkoff and Jared Kushner

WHAT:

The U.S. is temporarily allowing the purchase of Russian oil already at sea.

The authorization will last for one month.

The measure applies to petroleum products from Russia loaded onto ships on or before March 12th, 2026.

Approximately 124 million barrels of Russian oil are currently at sea globally.

A narrower sanctions license was issued last week allowing India to buy oil and petroleum products from Russia for one month.

The international oil benchmark, Brent Crude, traded just above $100 per barrel on March 12th, 2026.

WHERE:

The U.S.

Florida (meeting location for U.S. negotiators and Russian envoy)

WHEN:

The announcement was made on March 12th, 2026.

The sanctions license for India was issued the week prior to March 12th, 2026.

The full-scale invasion of Ukraine by Russia began in 2022.

WHY:

The decision to ease sanctions is aimed at addressing high oil prices amid the U.S. and Israel's war with Iran.

The Trump administration is attempting to increase the global reach of existing oil supply.

HOW:

The authorization allows countries to purchase Russian oil currently stranded at sea.

The Trump administration is considering various options to boost oil supply, including releasing 172 million barrels from the U.S. Strategic Petroleum Reserve.

(UPDATED March 13, 2026 05:24 UTC)

In a significant move announced yesterday, President Trump, alongside Treasury Secretary Scott Bessent and other key officials, revealed that the U.S. will temporarily allow the purchase of Russian oil already at sea for one month, targeting approximately 124 million barrels currently stranded globally. This decision comes as part of efforts to address soaring oil prices amid ongoing conflicts, including the war with Iran, and follows a narrower sanctions license issued last week that permitted India to buy Russian oil. As the international oil benchmark Brent Crude traded just above $100 per barrel, U.S. negotiators are also exploring options to further increase oil supply, including the potential release of 172 million barrels from the Strategic Petroleum Reserve.