economy
March 13, 2026
America Eased Oil Sanctions on Russia
America has allowed countries to purchase Russian oil and gasoline, currently at sea, in an effort to alleviate the economic consequences of the US-Israeli war with Iran.
TL;DR
- The US has allowed countries to buy Russian oil and gasoline currently at sea.
- This is a temporary measure to stabilize international energy markets during the US-Israeli war with Iran.
- The measure is valid until April 11th and is not expected to significantly benefit the Russian government.
- Attacks on ships and energy infrastructure in the Persian Gulf have disrupted global energy markets.
- Oil prices surpassed $100 per barrel following attacks on three cargo ships in the Middle East.
- The Strait of Hormuz, through which about a fifth of the world's oil passes, remains a point of contention.
- The International Energy Agency (IEA) released a record 400 million barrels of oil from reserves.
- Asian countries have implemented measures such as fuel price caps and reduced workweeks to conserve energy.
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