US temporarily eases sanctions on Russian oil shipments until April 11

The United States has temporarily eased restrictions on Russian oil shipments, allowing vessels carrying crude and petroleum products to operate in global markets until April 11, according to a notice issued by the US Treasury Department.

The Office of Foreign Assets Control (OFAC), which oversees US sanctions enforcement, announced the measure in a letter published online on Thursday. The notice stated that ships transporting Russian crude oil and refined petroleum products would be permitted to move worldwide without obstruction during the specified period.

Washington imposed sanctions on Russian oil exports after Moscow launched its military offensive in Ukraine in February 2022. The restrictions formed part of a wider set of economic measures designed to limit Russia’s energy revenues and pressure the country economically.

The temporary suspension comes at a time of heightened geopolitical tensions in the Middle East, raising concerns about disruptions to global oil supply. The situation intensified after the United States and Israel carried out joint strikes on targets in Iran, escalating regional instability.

Following the attacks, Iran tightened its control over the Strait of Hormuz, a narrow but strategically vital waterway through which a large share of the world’s oil supply passes. Any disruption in the strait could have significant consequences for international energy markets.

US Commerce Secretary Scott Bessent said the temporary easing of restrictions on Russian oil was intended to help stabilise global energy markets during a period of uncertainty. He said the move, taken under the direction of President Donald Trump, was also aimed at countering threats from Tehran that could further disrupt global oil shipments.

Energy market data indicates that Russian oil remains a major component of global supply despite sanctions. Russia produces about 9.2 million barrels of crude oil per day and exports roughly 4.5 to 5 million barrels per day of crude, along with around 2.8 million barrels per day of refined petroleum products. Combined exports therefore reach approximately 7 to 8 million barrels per day, making Russia one of the world’s largest oil suppliers to the global market.

Industry estimates also suggest that significant volumes of Russian crude continue to circulate through international shipping routes. Reports indicate that more than 120 million barrels of Russian oil are currently in transit at sea, underlining the country’s continued role in maintaining global supply stability during periods of geopolitical tension.

Meanwhile, Iran’s newly appointed Supreme Leader Mojtaba Khamenei has signalled a firm stance amid the escalating conflict. In a televised address broadcast by state media, he called for national unity and said Iran would not retreat from its position during the current crisis.

Khamenei also warned that the Strait of Hormuz could remain closed as part of Iran’s strategy to exert pressure on its adversaries.

Mojtaba Khamenei assumed the country’s highest leadership position after the death of his father, former Supreme Leader Ali Khamenei, who Iranian authorities say was killed during recent US-Israeli strikes.

Energy analysts say the US decision to temporarily relax restrictions on Russian oil highlights the delicate balance policymakers face as they attempt to manage geopolitical tensions while preventing sharp volatility in global energy markets.