US Eases Russia Oil Sanctions in Bid to Tame Price Surge

The US Treasury Department has issued a temporary waiver allowing countries to purchase stranded Russian oil and petroleum products. The move, announced on Friday morning in Asia, aims to stabilize global energy markets roiled by the Iran war.

According to Russia's presidential envoy Kirill Dmitriev, the waiver will affect 100 million barrels of Russian crude, equivalent to almost a day's worth of global output.

However, the decision has drawn criticism from Germany and other European allies. German Chancellor Friedrich Merz said any move to ease Russia sanctions was wrong, while his Economy Minister Katherina Reiche stated that the decision was likely driven by US domestic pressure.

The waiver will allow for the delivery and sale of Russian crude oil and petroleum products loaded on vessels on or before March 12 and valid through April 11. The move reflects White House worries that the surge in global oil prices will hurt US businesses and consumers ahead of the November midterm elections.