President Donald Trump’s administration is considering reducing oil sanctions on Russia to help cool a surge in global energy prices triggered by the U.S. and Israeli war on Iran, with an announcement possible as soon as Monday, according to three sources familiar with the planning.
The move would be intended to boost world supplies of oil amid massive disruptions to Middle East shipments from the expanding conflict, but could also complicate U.S. efforts to deprive Russia of revenue for its war in Ukraine.
The discussions could include broad sanctions relief as well as more targeted options that would allow certain countries, such as India, to buy Russian oil without fear of U.S. penalties, including tariffs, the sources told Reuters, speaking on condition of anonymity.
The United States last week allowed India to temporarily purchase Russian crude oil already on tankers at sea to help it cope with the cuts to Middle East supply.
The new moves could be announced as soon as Monday, the sources said.
“President Trump and his entire energy team have had a strong game plan to keep the energy markets stable well before Operation Epic Fury began, and they will continue to review all credible options,” said Taylor Rogers, a White House spokesperson, using the administration’s term for the war.
“Any policy announcement will come directly from the President or his team,” Rogers said.
(Reuters)
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