Why has the US eased sanctions on Russian oil?

The US Treasury Secretary Scott Besant has said that the US has eased sanctions on the purchase of Russian oil and petroleum to reduce the global economic impact of the Iran war. Besant said that the temporary 30-day exemption “will not provide significant financial benefits to the Russian government.”

However, earlier, UK Energy Secretary Michael Shanks told the BBC that the UK would “not in any way” ease sanctions on Russian oil. He warned that the decision would allow Vladimir Putin to invest more in the war in Ukraine.

Meanwhile, the Kremlin sees the US move as an “attempt to stabilize the energy market.” The country believes that the interests of both countries are involved in this decision.

Oil prices rose above $100 a barrel again on Thursday due to the ongoing conflict, including the threat of a blockade of shipping in the Strait of Hormuz, the world’s busiest oil transport channel.