economy
Trump administration temporarily lifting sanctions on Russian oil stranded at sea
The Trump administration on Thursday issued a new license allowing countries to temporarily purchase certain Russian oil products, the latest efforts by the US to mitigate surging crude prices following the war it launched with Iran.
TL;DR
- The US Treasury has issued a temporary license permitting countries to buy Russian oil products at sea.
- This measure aims to alleviate surging crude oil prices following disruptions in the Strait of Hormuz, attributed to Iran.
- The license applies to Russian crude or petroleum products loaded on vessels as of March 12 and is valid through April 11.
- Critics, like Senator Jeanne Shaheen, argue this decision benefits Russia and Putin while increasing costs for American consumers.
- Goldman Sachs has revised its Brent crude oil price forecasts significantly higher due to potential extended disruptions in the Strait of Hormuz.