Loophole for Russian oil being closed: Trump administration makes statement on sanctions
Illustrative photo: The US will not extend the authorization to purchase Russian oil (Getty Images)
The administration of US President Donald Trump is unlikely to extend special permits for the purchase of sanctioned Russian oil, despite pressure driven by high fuel prices, states US Energy Secretary Chris Wright, according to Bloomberg.
Position of the US Department of Energy
As reported by the outlet, according to Chris Wright, Washington does not plan to issue new exemptions from the sanctions regime. Previously, the US Treasury Department had temporarily allowed the sale of Russian crude oil that was stranded on tankers at sea due to supply disruptions.
"That was a broad-based reprieve. I don’t think you will see that extended," Wright said during a Wall Street Journal event.
The previous authorization to sell Russian crude expired on April 11.
A separate exemption covering Iranian oil and petrochemical products is set to expire on April 19.
Situation on the global market
The decision comes amid a significant rise in energy prices. Since the start of the war, oil prices have increased by more than 30%, driving up the cost of gasoline and jet fuel.
The situation has been further complicated by the maritime blockade of the Strait of Hormuz introduced by Donald Trump after the collapse of negotiations with Iran.
About one-fifth of global oil flows through this route, and its closure has caused major disruptions in market supply.
What preceded the decision on Russian oil
Prices for Russian oil in March and April showed record growth. The main driver of the increase was the conflict in the Middle East, which triggered a shortage of crude on the global market.
RBC-Ukraine also reported that the Trump administration had considered extending special exemptions for the purchase of Russian oil in order to stabilize domestic fuel prices in the United States.
At the same time, Ukrainian President Volodymyr Zelenskyy stated that there are currently no grounds for easing sanctions pressure on the aggressor. According to the head of state, any steps toward the Kremlin only help finance the war against Ukraine.
