U.S. Sanctions and Russia Policy

The Trump administration announced a 30‑day waiver exempting U.S. sanctions on Russian oil loaded on tankers as of March 13, framing it as a narrowly tailored move to stabilize markets amid Strait of Hormuz disruptions; Treasury Secretary Scott Bessent said the oil in transit (about 124–125 million barrels) helps plug a sizeable supply deficit and could be equivalent to roughly 9–12 days of additional crude, and the announcement came a day after a G7 call where some European leaders urged against allowing Moscow to profit and shortly after a Russian envoy met with Trump advisers. Ukrainian President Volodymyr Zelenskyy condemned the measure as "not the right decision," estimating it could provide about $10 billion to Russia’s war effort, a concern echoed by analysts who say the waiver and the Iran‑driven price spike could ease Moscow’s budget pressure even as the Kremlin argued the move would stabilize global energy markets.