"So we have sanctions on some countries. We're going to take those sanctions off until the strait [of Hormuz] is up. He declined to provide further details. The move could mean a further easing of sanctions on Russian oil, Reuters reported, citing multiple sources, which in turn could complicate efforts to punish Moscow for its war in Ukraine."
"With the strait of Hormuz blocked to nearly all oil tankers, the price of benchmark crude oil contracts rocketed past $100 a barrel on Monday—their highest levels since Russia's invasion of Ukraine in 2022—before pulling back. A previously announced White House plan to provide naval escorts and backstop insurance for tankers travelling through the strait has so far has failed to significantly boost shipping traffic."
"Putin signalled again that Russia was ready to supply oil and gas to Europe, saying the Iran war had caused a global energy crisis and cautioned that oil production dependent on transport through the strait of Hormuz could soon come to a complete halt. Russia is the world's second-largest oil exporter and holds the world's biggest reserves of natural gas."
Following a call with Putin, Trump announced the US will temporarily waive oil-related sanctions on some countries to mitigate oil shortages resulting from the US-Israeli conflict with Iran. This move could lead to further easing of sanctions on Russian oil, complicating efforts to penalize Moscow for its Ukraine invasion. Crude oil prices surged past $100 per barrel as the Strait of Hormuz faced blockades affecting nearly all oil tankers. The US previously issued a temporary waiver allowing India to purchase Russian oil cargoes. Alternative measures include releasing oil from strategic reserves or restricting US exports. Trump described his conversation with Putin as positive, discussing Ukraine. Putin's adviser characterized the call as frank and businesslike, with Putin emphasizing Russia's readiness to supply oil and gas to Europe and warning of potential complete production halts for oil dependent on Strait of Hormuz transport.
#oil-sanctions-waiver #strait-of-hormuz-blockade #russia-ukraine-conflict #global-energy-crisis #trump-putin-negotiations
Read at www.theguardian.com
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