USA to Limit Easing of Oil Sanctions Against Russia to Shipments to India
The United States of America has informed its G7 partners that any possible easing of sanctions against Russian oil will be very limited and will primarily affect shipments to India. This was reported by European Commissioner for Economy Valdis Dombrovskis after a phone call between G7 finance ministers, writes Bloomberg.
Illustrative image. Photo: Stringer/Anadolu via Getty Images
According to the European Commissioner, the American side emphasized that such easing would be limited both in time and in volume. Washington also believes that this step will not have a significant impact on Russia's overall oil revenues.
Earlier, US President Donald Trump stated that he had discussed with Russian President Vladimir Putin the possibility of partially lifting some oil sanctions. The goal is to help reduce fuel prices. Details of this conversation were not disclosed.
The USA has already allowed India to purchase Russian oil that was at sea at the time of the decision. According to sources, if there are new relaxations, they will be carried out under a similar scheme, but the final decision will be made by Trump himself.
Oil on the world market rose to almost $120 per barrel on Monday. This occurred amidst reduced oil production in the Middle East and transportation problems through the Strait of Hormuz, where a dangerous situation for tankers arose. Afterward, however, it rolled back to $90 after Donald Trump stated that the operation in Iran was close to completion.
G7 countries also stated that they are ready to use their strategic oil reserves if the market situation becomes even more complex. However, some participants believe that there are not yet sufficient grounds for this.
G7 leaders are expected to hold another discussion later this week to discuss the situation around Iran and its impact on the global energy market.
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