The exemptions, which were issued by the #Treasury Dept, will be in place until April 11. Treasury Secy Scott Bessent estimated that freeing Russian #oil could add hundreds of millions of barrels of crude to global markets [& enrich #Russia], curbing prices that have been hovering near $100 per barrel as a result of the #Iran #war.

The decision was a significant turning point in America’s effort to punish Russia for its war in #Ukraine.

#TrumpsWar #Trump #law #geopolitics #inflation #economy

#Russia has faced punishing #sanctions from the #US & the rest of the #G7 advanced economies since Moscow’s invasion of #Ukraine in 2022. Those sanctions have included a price cap on Russian #oil & a crackdown on Russia’s “shadow fleet” of unmarked vessels…used to evade sanctions.

As #TrumpsWar with #Iran has unfolded, his admin has looked for ways to mitigate the economic pain. His admin temporarily freed Russian oil last week that was sitting at sea to be delivered to India.

#war #Trump

…Top #Senate #Democrats assailed the #Trump admin for easing #sanctions on #Russia, saying that it was done to mitigate a #war of Trump’s own making.

“This war has resulted in huge spikes in gas prices for Americans, who are now paying more at the pump than at any point in either of President Trump’s two terms,” they wrote in a joint statement.

#TrumpsWar #US #Iran #law #Congress #WarPowers #geopolitics #Ukraine #inflation #economy #affordability #CostOfLiving #oil
https://www.banking.senate.gov/newsroom/minority/senate-democratic-leaders-release-joint-statement-on-trump-administrations-weakening-of-sanctions-on-russian-oil-in-attempt-to-dampen-economic-impacts-of-trumps-iran-war