European Council President António Costa said the US decision on Russian oil affects European security.
“The unilateral US decision to lift sanctions against Russian oil exports is worrying because it affects European security,” he wrote on social network X.
Costa said that increasing economic pressure on Russia is crucial for it to agree to serious negotiations for peace, while easing sanctions increases Russian resources to wage a war of conquest against Ukraine.
A Ukrainian diplomatic source said in comments to Radio Liberty that this US decision on Russian oil “will definitely not help stabilise the market, but it will help Russia to fight longer – this despite the fact that it is Russia that is helping the Iranian regime to destabilise the Middle East”.
The other day, the European Commission urged the U.S. to comply with restrictions on oil from Russia.
On 12 March, the US Treasury Department granted temporary permission to buy certain Russian oil products. It applies only to Russian crude oil or petroleum products loaded on ships as of 12 March. The licence allows these shipments until April 11.
Treasury Secretary Scott Bessent said this short-term measure “will not provide a significant financial benefit to the Russian government.”
The Kremlin described the United States’ move as an attempt to stabilise the market and noted “situationally” the interests of Moscow and Washington coincide.
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The decision was approved amid a rise in oil prices above $100 per barrel on 12 March, following reports of further attacks on ships in the waters of the Persian Gulf and the closure of key oil terminals.
Russian oil has been “stranded” at sea due to US sanctions against major Russian producers. Experts have estimated that there are more than 100 million barrels of Russian-origin oil at sea around the world.
The White House has banned the purchase of Russian oil and threatened huge tariffs on countries that do so as a way of blocking funds to finance the Kremlin’s war against Ukraine.
Democrats and some Republicans have opposed the possibility of easing sanctions against Russia. Critics complained that President Donald Trump favoured Moscow and expressed concern that any additional oil revenue would help President Vladimir Putin expand his attacks on Ukraine. The White House denied that Trump favoured Russia in talks to end Moscow’s war on Ukraine.
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Earlier, the US had granted India a 30-day licence to buy Russian oil, which is now stranded at sea. Bessent said at the time that the move was made to ensure that “oil continues to flow to the global market”. The White House does not believe the authorisation will provide Russia with a significant financial benefit.
The US and Israel have been striking Iran since 28 February. Tehran has retaliated by attacking Israel and US military bases in the Persian Gulf. The war in the Middle East, now in its second week, has effectively closed the Strait of Hormuz, through which a fifth of the world’s oil passes, to tanker traffic.