"This decision (lifting sanctions on oil from Russia - ed.) will definitely not help stabilise the market, but it will help Russia fight longer. On March 13, the Treasury Department announced a temporary relaxation of oil sanctions that permits the export of oil and petroleum products already loaded onto vessels. Specifically, this allowance applies exclusively to oil loaded onto ships by March 12, and sales of these shipments may continue until April 11."
"This one-month easing of sanctions is expected to help stabilise oil prices amid ongoing fluctuations. However, it is essential to note that this new license does not cover any transactions involving Iran, underscoring the U.S. government's focus on monitoring and controlling the dynamics of global oil trade amid heightened tensions."
"As of February, Russia's revenues from oil exports had plummeted to their lowest level since the onset of its full-scale invasion of Ukraine in early 2022. This decline in revenue has been exacerbated by the crisis in the global oil market, which is facing unprecedented challenges. The continuing conflict in the Middle East has led to substantial supply disruptions."
The U.S. Department of the Treasury announced a temporary relaxation of oil sanctions on March 13, permitting the export of Russian oil and petroleum products already loaded onto vessels by March 12, with sales continuing until April 11. This one-month easing aims to stabilize global oil prices amid market fluctuations and supply disruptions caused by Middle East conflicts and tanker attacks. While the measure does not cover Iran transactions, diplomatic sources indicate it will not enhance market stability but will provide the Kremlin with resources to sustain military operations longer. Russia's oil export revenues had declined to their lowest levels since the 2022 invasion of Ukraine, exacerbated by global oil market crises and production reductions.
Read at London Business News | Londonlovesbusiness.com
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