U.S. Considers Lifting Sanctions on Russian Oil to Boost Supply

Treasury Secretary Scott Bessent revealed that the U.S. might lift sanctions on additional Russian oil supplies. This announcement follows a temporary waiver issued for stranded Russian crude destined for India, aimed at increasing global oil supply and addressing current market needs.

Treasury Secretary Scott Bessent announced on Friday that the United States could potentially lift sanctions from more Russian oil. This comes after Washington granted a 30-day waiver allowing stranded Russian crude at sea to be sold to India.

Bessent, speaking on Fox Business' 'Kudlow' program, mentioned that there are hundreds of millions of sanctioned barrels of oil currently stranded. By lifting these sanctions, the Treasury aims to increase oil supply and address market dynamics.

The move is part of a strategy to alleviate oil shortages and stabilize prices globally, with further evaluations ongoing by the Treasury Department.

(With inputs from agencies.)