US Treasury Eases Sanctions on Russian Oil Amid Market Surge

The US Treasury Department has announced measures to relax sanctions on Russian oil, allowing limited sales amid rising crude prices due to the Iran conflict. A license will permit some Russian crude oil and petroleum sales for a month. Trump aims to address market shortages caused by Strait of Hormuz disruptions.

The US Treasury Department announced steps to relax sanctions on Russian oil Thursday, responding to soaring crude prices amid the ongoing Iran conflict. The agency stated it was issuing a license allowing the limited delivery and sale of sanctioned Russian crude oil and petroleum products for the upcoming month.

This decision follows President Trump's earlier signals this week indicating further action to alleviate restrictions on sanctioned oil. The administration aims to counteract the market impact of reduced oil flow due to the effective closure of the Strait of Hormuz.

Additionally, the administration had previously granted temporary permission for India to continue purchasing Russian oil, a move intended to stabilize global supply and demand dynamics.

(With inputs from agencies.)