US may ease sanctions on Russian oil due to situation in Middle East

Amid the war in the Middle East, the US may continue to ease sanctions on Russian oil. US Treasury Secretary Scott Bessent stated this in an interview with FOX Business.

The reason lies in the reduction of energy supplies. Washington previously allowed India to import oil from Russia, Bessent recalled. The price of Brent crude oil fell to $94 per barrel for the first time since 2023.

At the same time, according to The Wall Street Journal, the US Treasury intends to push for China to reduce its oil purchases from Russia and Iran. The issue will be on the agenda of talks with the head of the Chinese Ministry of Finance, scheduled for mid-March.

Washington wants Beijing to partially replace these supplies with American energy resources, increase imports of soybeans and Boeing aircraft, and ease export restrictions on rare earth elements.

China, in turn, will likely seek lower US tariffs and easing restrictions on high-tech products.