Donald Trump accused of 'filling Putin's war coffers' after announcing lift on Russian oil sanctions
The US has temporarily lifted sanctions on Russian oil currently stranded at sea as Donald Trump looks to counter the surge in crude oil prices since the start of the war in Iran.
As the price of oil settled above $100 per barrel for the first time since August 2022, the Trump administration announced a 30-day waiver that will help stabilise global energy markets.
On Friday morning, oil markets in Asia appeared to ease following the decision.
"To increase the global reach of existing supply, US Treasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea," US Treasury Secretary Scott Bessent said.
"This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction."
The license applies solely to Russian crude or petroleum products loaded onto vessels as of March 12, and is valid through midnight Washington time on April 11.
But the move has faced criticism, with President Trump being accused of "filling the Kremlin’s war coffers".
Democratic Senator Jeanne Shaheen said: "As Putin helps Iran target Americans in the Middle East, the President is now filling the Kremlin’s war coffers.
"Instead of squeezing Russia’s faltering economy, the President’s ill-planned war is giving Putin a windfall while American families face higher prices."
The temporary lift in sanctions is the latest move by the Trump administration to help counter the oil price surge. Washington announced on Wednesday it would be releasing 172 million barrels of oil from the strategic petroleum reserve.
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