The United States administration is considering the option of lifting the oil sanctions imposed on Russia in order to address the energy shortages in global markets caused by the conflict in the Middle East. During a phone call with Russian President Vladimir Putin, the American leader told reporters:

“We imposed sanctions on certain countries. We will lift these sanctions until the Strait of Hormuz is opened.”

Trump described the conversation with Putin as quite productive.

On March 9, Putin held a meeting at the Kremlin where the situation in global oil and gas markets was discussed. He expressed readiness to supply oil to countries in the Asia-Pacific region, as well as to Hungary and Slovakia.

“Russia is ready to cooperate with European companies if they ensure long-term and stable joint operations without political pressure,”

he added.

It is worth noting that on March 6, the U.S. Department of the Treasury temporarily eased the sanctions regime, allowing India to purchase Russian oil that is currently on tankers at sea. Treasury Secretary Scott Bessent stated that the 30-day exemption is aimed at maintaining uninterrupted supply to the global market and “reducing the pressure caused by Iran’s attempts to hold the world energy market hostage.” Bessent clarified that this measure is short-term and “will not bring substantial financial benefits to the Russian government,” as it only pertains to oil that is already at sea.