Trump's administration estimates Russia's potential gains from sanctions relief
US Treasury Secretary Scott Bessent has said that the easing of US sanctions on Russian oil could bring Moscow around US$2 billion in additional revenue, which he described as insignificant.
Source: European Pravda, citing Bessent in an interview with NBC News
Quote: "Which is better? Does Russia get more money if oil goes to US$150 and they get 70% of that, that's US$105, or if oil stays below US$100, so they're getting less money? Our analysis shows that the maximum extra amount that Russia could get would be US$2 billion, which is one day of the Russian Federation's budget."
Details: Bessent believes easing oil sanctions actually helps reduce Russia's revenues, as the move stabilises global oil prices and therefore limits Moscow's potential income.
He also said that China remains the main buyer of Russian oil, accounting for over 90% of exports.
Background:
- On 13 March, the US lifted sanctions on Russian oil on tankers currently at sea. Washington said the move was intended to stabilise global energy markets after oil prices surged due to the US-Israeli war against Iran and Tehran's attacks across the Persian Gulf, which have effectively paralysed oil exports from the region.
- Officials in Ukraine and across Europe criticised the easing of US sanctions on Russia. European Council President António Costa expressed concern over the decision, saying it would increase Russia's resources to continue its war against Ukraine.
- Meanwhile, US President Donald Trump stated that US sanctions on Russian oil will be reinstated as soon as the crisis in the Middle East ends.
- On 21 March, the US Treasury also eased sanctions on Iranian oil that had already been at sea as of 20 March.
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