US temporarily lifts Russian oil sanctions
The US has temporarily lifted key sanctions on Russian oil exports to stabilize global energy markets amid the Iran conflict — a move critics say hands Moscow a political and economic lifeline reported. Analysts expect Indian imports of Russian crude to hit record highs next month while China and Turkey also increase purchases, boosting revenues for Putin even as Western pressure on Russia had been mounting reported.
The [Treasury issued]money.usnews.com a 30‑day license authorizing purchases of Russian crude and petroleum products already loaded onto vessels by 12:01 a.m. ET on March 12, a waiver the Treasury said runs through April 11. Indian refiners have booked roughly 30 million barrels of Russian crude since Washington first signaled a waiver, according to Bloomberg reporting. Kpler ship‑tracking data — cited by ThePrint — shows nearly 16 million barrels already bought in March (about 1.6 million barrels per day) and notes projections that monthly arrivals could approach 40 million barrels if current flows persist. bloomberg.com Chinese refiners have been "snapping up" distressed Russian cargoes, Bloomberg reported, while Turkish refineries such as Tupras have resumed or maintained Urals purchases amid price swings, per Energy Intelligence; Russia’s seaborne exports rose to about 3.26 million barrels per day in the four weeks to March 8, amplifying available volumes. Brent crude spiked above $100, reaching $103.86 on March 13, further improving receipts for Russian sellers. bloomberg.com The move prompted immediate political backlash: Congressional Democrats Rep. Sam Liccardo and Sen. Ruben Gallego demanded the Treasury revoke the waiver, calling it "dangerous" and an act that gives "material benefit to the enemy" in a letter to Secretary Scott Bessent. European leaders and Ukraine’s president publicly rebuked the decision in statements and press events on March 13, saying the temporary easing risks funding Kremlin operations. cnbc.com
