Temporary lifting of US sanctions on Russian oil will not save the market, economist believes

The conflict in the Middle East is already significantly impacting global energy markets, and a temporary lifting of US sanctions on Russian oil will not fundamentally change the market situation, an expert shared.

Maxim Chirkov, Associate Professor in the Department of Economic Policy and Economic Measurement at the State University of Management (Russia): "Global consumption is incredibly large—around 100 million barrels per day. In this sense, it's clear that sanctions are causing enormous harm, but even a complete lifting of sanctions on the Russian Federation—we'll focus on oil specifically—wouldn't stabilize the oil market, as approximately 20% of all global oil exports passed through the Strait of Hormuz. And a hypothetical lifting of sanctions on Russian oil wouldn't lower oil prices to the levels they were before the end of February 2026."