Several countries are reportedly already considering purchases after Washington issued a 30-day waiver
The United States has issued a 30-day waiver on Russian oil and petroleum products currently at sea, in the face of a developing global energy crisis spurred by the Iran war initiated by the US and Israel.
Several countries have already announced plans to purchase Russian crude following the move by Washington.
The US and Israel launched joint air strikes on Iran late last month, triggering retaliatory attacks targeting American military facilities across the Middle East. The escalation has disrupted shipping through the Strait of Hormuz, a vital energy chokepoint through which about one-fifth of global oil and LNG supplies pass.
Oil prices have surged, as the strait has remained effectively closed for most through-traffic. Brent crude has climbed about 30% to above $100 per barrel.
On Thursday, US Treasury Secretary Scott Bessent announced that Washington would temporarily lift restrictions on purchases of Russian crude that was loaded onto vessels before March 12. The waiver, valid until April 11, will affect an estimated 100-124 million barrels of oil, according to media reports.
Oil prices dropped slightly following the announcement and several countries immediately announced plans to purchase Russian crude.
Thailand, which currently imports 50% of its oil from the Persian Gulf, described the sanctions reprieve as “good news” and said it would begin talking to Moscow in an effort to diversify energy sources.
Japan, which imported 94% of its oil from the Middle East last year, also said it would consider buying from Russia after the announcement.
The Kremlin welcomed the US move but warned that it would not be enough to stabilize the market. Spokesman Dmitry Peskov said the situation “risks turning into a broader crisis in the global energy sector,” arguing that “there is no way for the market to stabilize without significant volumes of Russian oil.”
According to Axios, the waiver was announced despite objections from key European allies. During a virtual G7 leaders’ call on Wednesday, German Chancellor Friedrich Merz, British Prime Minister Keir Starmer, and French President Emmanuel Macron reportedly urged US President Donald Trump not to ease sanctions.
Merz on Friday blasted the decision as “wrong,” insisting that “there is currently a problem with prices, but not with supply.” The UK has also ruled out following Washington’s lead, with Energy Minister Michael Shanks telling the BBC that London will not ease its own restrictions. Norwegian Prime Minister Jonas Gahr Store likewise said the sanctions should not be relaxed.
Bessent previously said the waiver applied to India alone, “to ease the temporary gap of oil around the world,” but that Washington could also “unsanction other Russian oil” to further boost supply. “We’re going to keep a cadence of announcing measures to bring relief to the market during this conflict,” he added.
India and China became the main buyers of Russian crude after the US and EU imposed sanctions on Moscow over the escalation of the Ukraine conflict in 2022.
Washington has long urged New Delhi to halt the imports. US Ambassador to India Sergio Gor said last month that the White House was using trade talks to push the country to buy Venezuelan oil instead.
US President Donald Trump claimed that New Delhi “agreed to stop” deliveries from Moscow. India, however, never confirmed such a commitment.
Moscow likewise said it had no information suggesting that India had put Russian crude imports on hold. The Kremlin has condemned the US-Israeli strikes on Iran as a “premeditated and unprovoked act of aggression” with no justification.
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