Iran war: USA temporarily allows purchase of Russian oil

This was explained by Finance Minister Scott Bessent on Platform X. The temporary exemption from US sanctions is to apply until April 11.

Russia, which has been waging a war of aggression against Ukraine for more than four years, should be able to increase its income from crude oil sales, at least in the short term. However, Bessent argued that Russia would not benefit financially in any significant way from this "narrowly defined" exception.

The US has been imposing sanctions on the Russian oil sector for years. This is another reason why Moscow often relies on sanctioned ships belonging to the so-called shadow fleet for exports on the high seas. Countries and companies that do business with them could normally run the risk of becoming the target of sanctions themselves.

The global energy markets are very volatile as a result of the war with Iran, and oil and gas prices have recently risen sharply since the war began almost two weeks ago. A particular focus is on the Strait of Hormuz - a strait between the Persian Gulf and the Gulf of Oman, through which a significant part of the global oil trade normally passes. Shipping traffic there has almost come to a standstill.