Photo: NATALIA KOLESNIKOVA / AFP / Getty Images
As the U.S. military conflict with Iran sends global oil prices soaring, President Donald Trump's administration has moved twice in one week to ease sanctions on Russian oil, a decision that is drawing sharp criticism from Democratic lawmakers who say it amounts to rewarding Moscow while Russia allegedly helps Iran target American forces.
The U.S. Treasury Department temporarily lifted sanctions on Russian oil currently at sea on Thursday (March 12), allowing it to be shipped to buyers around the world. The exemptions are set to remain in place until April 11. The White House says the move is meant to ease a price spike caused by the U.S. military offensive against Iran.
The decision marks a significant shift in America's long-standing effort to punish Russia for its invasion of Ukraine.
According to Reuters, the Trump administration has been reviewing a range of options to bring energy prices under control as the Iran conflict roils global markets. Several G7 leaders have reportedly pressed President Trump to end the war quickly and secure shipping lanes through the Strait of Hormuz, a critical chokepoint for global oil supply.
With the Treasury's sanctions exemptions set to expire on April 11, the question of whether to extend them, or face renewed pressure on energy prices, looms as one of the administration's most consequential near-term decisions.