Russia–Ukraine War Financing

The White House confirmed President Trump will begin next week a 172‑million‑barrel “exchange” draw from the U.S. Strategic Petroleum Reserve—part of a unanimous, IEA‑led 400‑million‑barrel coordinated release—executed over roughly 120 days with DOE issuing RFPs for the first 86 million barrels and framing the action as an exchange in which companies return borrowed oil plus a premium while the administration vows to buy about 200 million barrels within a year. The release will cut SPR stocks to roughly 243 million barrels (about 41% below recent levels and the lowest since 1982) as oil tops $100 a barrel and U.S. gasoline averages near $3.60–$3.70/gal; officials call the move a short‑term antidote to a “fear premium,” but analysts and lawmakers warn Hormuz disruptions and structural limits mean price relief is uncertain and could be prolonged.