Trump Waives Russian Oil Sanctions Amid Iran War Energy Crisis

Following a February 28 military campaign involving the U.S. and Israel that killed Iranian leader Ayatollah Ali Khamenei, Donald Trump authorized the temporary lifting of sanctions on Russian oil to combat a global energy crisis. The conflict led to the effective closure of the Strait of Hormuz, causing Brent crude prices to surge toward $120 per barrel and disrupting roughly 20% of the world's oil supply.

On March 12, the U.S. Treasury Department issued a 30-day waiver, valid through April 11, allowing countries to purchase Russian crude and petroleum products already stranded at sea. This follows an earlier specific waiver granted to India on March 5. To further stabilize markets, the U.S. released 172 million barrels from its Strategic Petroleum Reserve as part of a larger 400-million-barrel coordinated effort by the International Energy Agency.

The decision drew sharp condemnation from Ukrainian President Volodymyr Zelenskyy and G7 leaders, including German Chancellor Friedrich Merz and French President Emmanuel Macron, who argued the move would provide Russia with billions of dollars to fund its war in Ukraine. Conversely, the Kremlin welcomed the action, with envoy Kirill Dmitriev stating it acknowledges the systemic necessity of Russian energy for global stability.

While Trump characterized the military operations in Iran as nearly complete, the U.S. continues to strike targets to pressure Tehran into reopening the strait. Diplomacy continues through economic working groups and high-level calls between Trump and Vladimir Putin to discuss stability in both the Middle East and Ukraine.