MARKET STRUCTURE · USA
US rolls back sanctions on Russian oil
Change
The United States administration issued a waiver partially rolling back sanctions on Russian oil and petroleum products.
Why it matters
The US administration implemented a waiver that partially lifts restrictions on purchases of Russian oil and petroleum products. The waiver authorizes other countries to import Russian energy despite earlier sanctions. Ukrainian President Volodymyr Zelenskyy stated the easing could provide Russia with around $10bn for the war and that Russia spends energy earnings on weapons. Zelenskyy made the remarks alongside French President Emmanuel Macron in Paris.
Implications
- • Countries covered by the waiver are authorized to import Russian oil and petroleum products.
- • Russian energy export revenues could increase by about $10bn, per the Ukrainian presidential estimate.
- • Ukraine and European allies have publicly criticised the decision, creating a diplomatic response.
Who is affected
- • Energy importers and oil buyers
- • National governments and diplomats
- • Russian government
- • Ukrainian government
Source
Topics
World & Politics International Affairs Diplomacy Energy & Power Oil & Gas