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US could lift sanctions on more Russian oil, says bessent

Published by Global Banking & Finance Review®

Posted on March 6, 2026

1 min read

Last updated: March 6, 2026

US could lift sanctions on more Russian oil, says Bessent - Finance news and analysis from Global Banking & Finance Review

Tags:Finance Banking Markets Energy Sanctions

Quick Summary

US Treasury Secretary Scott Bessent said on March 6, 2026, the US may lift sanctions on more Russian oil—following a 30‑day waiver allowing India to import Russian crude stranded at sea—as a short‑term step to ease global supply pressures amid Middle East disruptions.

US May Remove Sanctions on Additional Russian Oil Shipments: Bessent

Potential Changes in US Sanctions on Russian Oil

Treasury Secretary Bessent's Statement

March 6 (Reuters) - Treasury Secretary Scott Bessent on Friday said the United States could remove sanctions from more Russian oil, a day after Washington issued a 30-day waiver allowing the sale of Russian crude currently stranded at sea to continue to India.

Possibility of Further Unsanctioned Oil Shipments

"We may unsanction other Russian oil," Bessent told Fox Business' "Kudlow" program.

Impact on Global Oil Supply

"There are hundreds of millions of sanctioned barrels of sanctioned crude on the water and in essence, by unsanctioning them, Treasury can create supply, and we are looking at that," he added.

Reporting and Editorial Credits

(Reporting by Ismail Shakil in Ottawa and Ryan Patrick Jones in TorontoEditing by David Ljunggren and Michelle Nichols)

Key Takeaways

•Bessent signaled the U.S. could remove sanctions on additional Russian oil currently stranded at sea, potentially increasing supply to global markets. (Reuters)
•The 30‑day waiver allows Indian refiners to purchase Russian crude already loaded onto vessels as of March 5, with transactions valid through early April, aimed at mitigating supply disruptions due to Middle East tensions. (S&P Global)
•U.S. officials emphasized the measure is deliberately temporary and not intended to financially benefit Russia, while expressing expectation that India will increase purchases of U.S. crude in the near future. (Economic Times, S&P Global)

Frequently Asked Questions about US could lift sanctions on more Russian oil, says Bessent

1Who suggested that the US could lift more Russian oil sanctions?

US Treasury Secretary Scott Bessent suggested the US could remove sanctions on more Russian oil.

2What recent action did the US take regarding Russian crude?

The US issued a 30-day waiver allowing the sale of Russian crude currently stranded at sea to continue to India.

3Why is the US considering removing more Russian oil sanctions?

According to Bessent, unsanctioning Russian oil could create supply by making hundreds of millions of sanctioned barrels available.

4What was the context of Bessent's comments?

Bessent made the comments during an interview on Fox Business' 'Kudlow' program.

5How could lifting sanctions affect the oil market?

Lifting sanctions could increase oil supply from Russia, impacting global markets.

Potential Changes in US Sanctions on Russian Oil

Treasury Secretary Bessent's Statement

Possibility of Further Unsanctioned Oil Shipments

"We may unsanction other Russian oil," Bessent told Fox Business' "Kudlow" program.

Impact on Global Oil Supply

"There are hundreds of millions of sanctioned barrels of sanctioned crude on the water and in essence, by unsanctioning them, Treasury can create supply, and we are looking at that," he added.

Reporting and Editorial Credits

(Reporting by Ismail Shakil in Ottawa and Ryan Patrick Jones in TorontoEditing by David Ljunggren and Michelle Nichols)

Key Takeaways

•Bessent signaled the U.S. could remove sanctions on additional Russian oil currently stranded at sea, potentially increasing supply to global markets. (Reuters)

•The 30‑day waiver allows Indian refiners to purchase Russian crude already loaded onto vessels as of March 5, with transactions valid through early April, aimed at mitigating supply disruptions due to Middle East tensions. (S&P Global)

•U.S. officials emphasized the measure is deliberately temporary and not intended to financially benefit Russia, while expressing expectation that India will increase purchases of U.S. crude in the near future. (Economic Times, S&P Global)

Frequently Asked Questions

1Who suggested that the US could lift more Russian oil sanctions?

US Treasury Secretary Scott Bessent suggested the US could remove sanctions on more Russian oil.

2What recent action did the US take regarding Russian crude?

The US issued a 30-day waiver allowing the sale of Russian crude currently stranded at sea to continue to India.

3Why is the US considering removing more Russian oil sanctions?

According to Bessent, unsanctioning Russian oil could create supply by making hundreds of millions of sanctioned barrels available.

4What was the context of Bessent's comments?

Bessent made the comments during an interview on Fox Business' 'Kudlow' program.

5How could lifting sanctions affect the oil market?

Lifting sanctions could increase oil supply from Russia, impacting global markets.