US Weighs Lifting More Russia Oil Sanctions After India Move

The United States is considering lifting sanctions on further Russian oil supply after a move to allow Indian refiners to continue purchasing Russian crude, according to Treasury Secretary Scott Bessent. 'We're looking at potentially unsanctioning more Russian oil supply,' Bessent told reporters on Thursday, following the administration's decision to grant a sanctions waiver to Indian companies. The goal is to 'ensure global energy security' amid ongoing supply disruptions, he said. The Treasury's decision to permit Indian refiners to keep buying Russian oil was seen as a pragmatic move to maintain global crude flows, even as the US and its allies seek to punish Moscow for its invasion of Ukraine. India, a major energy consumer, has resisted calls to join sanctions on Russia. 'We're trying to be very surgical and targeted in our sanctions to limit the impact on the global economy,' Bessent explained. 'We're constantly evaluating where we can provide more flexibility.' The potential for further sanctions relief on Russian oil comes as the Biden administration faces pressure to tame high gasoline prices in the US ahead of the 2024 election. Analysts say additional Russian barrels could help ease global supply tightness, though the impact may be limited given Russia's reduced export capacity. According to gCaptain, the US move to allow Indian purchases of Russian oil is part of a broader effort to ensure 'global energy security' as the Ukraine conflict drags on. The Treasury is weighing the geopolitical and economic tradeoffs as it calibrates its sanctions regime.