Kyiv: Ukraine has warned that a move by the United States to temporarily lift sanctions on Russian oil to stabilize the global energy markets amid its military campaign against Iran could add around $10 billion to the Kremlin's war chest to use against Ukraine. On March 13, US Treasury Secretary Scott Bessent announced a 30-day waiver for countries to buy sanctioned Russian oil and petroleum products that are currently stranded at sea.
According to Radio Free Europe Radio Liberty, the move allows Russian products loaded onto vessels by March 12 to be shipped within the next month and is aimed at boosting supply to keep market prices low amid what Bessent described as "threat and instability posed by the terrorist Iranian regime." Ukrainian President Volodymyr Zelenskyy voiced his concerns during a joint press conference with French President Emmanuel Macron in Paris, stating that this easing could provide Russia with a significant financial boost, complicating peace efforts. As oil prices surged above $100 per barrel amid reports of attacks on ships in the Persian Gulf, the Kremlin welcomed the US decision, noting the alignment of its interests with Washington's.
The Kremlin, previously critical of US actions in Iran, now regards the situation as an opportunity to stabilize the global energy sector. Kremlin spokesperson Dmitry Peskov emphasized the risks of a growing crisis in the energy market without Russian oil, stating that market stabilization is impossible without significant volumes from Russia.
Washington's European allies have also criticized the decision. German Chancellor Friedrich Merz expressed dissatisfaction with the lack of prior notification, and President Macron deemed the move unjustified. European Council President Antonio Costa warned that the decision might endanger European security by providing Russia with additional resources to continue its war against Ukraine.
A Ukrainian diplomatic source told RFE/RL that Kyiv believes the US decision will not stabilize the market but rather prolong Russia's military capabilities. US officials confirmed Russia's involvement in providing Iran with targeting information against US assets, further complicating the geopolitical landscape. Vladyslav Vlasiuk, Ukraine's sanctions policy commissioner, noted that while the temporary license might ease budgetary pressures on Russia, it is not expected to have a significant impact on the broader situation.
Energy-cargo tracking company Vortexa reported a significant decrease in Russian crude in floating storage, with Indian buyers particularly affected by the loss of Gulf supply. Vortexa's chief economist David Wech highlighted the attractiveness of Russian crude for Indian buyers due to the current supply disruptions.