US eases sanctions on Russian oil as global crude prices surge during Iran war

Representational Image

The US Treasury Department announced Thursday it was taking steps to further ease sanctions on Russian oil as crude prices surge during the Iran war.

The agency said that it was granting a license that authorises the delivery and sale of some sanctioned Russia crude oil and petroleum products for the next month.

Trump signalled earlier this week that he would take further action to ease restrictions on sanctioned oil to help make for the loss of oil flowing on the market because of the effective closure of the Strait of Hormuz.

The move follows the Trump administration granting temporary permission for India to buy Russian oil.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever