Moscow stated that the global energy market's stability is reliant on its oil, emphasizing the urgency for Washington to ease sanctions in light of the dwindling supply due to the conflict in the Middle East.
Western allies have criticized the US for partially lifting oil sanctions on Russia, which were originally imposed due to the country's invasion of Ukraine. These allies are urging Washington to maintain restrictions as the conflict in Ukraine continues into its fifth year.
The military actions carried out by the US and Israel against Iran, along with Tehran's responses in the Gulf region, have caused significant disruption to global energy and transportation industries, effectively stopping operations in the strategically important Strait of Hormuz.
The Treasury Department announced that the US is presently permitting the temporary sale of oil that originated from Russia, which is renowned globally as one of the leading oil producers and exporters. This decision comes in response to the collective efforts of nations to augment supply and reduce oil prices.
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This week witnessed a remarkable surge in oil prices, reaching close to $120 per barrel, marking the highest price point seen since the onset of the pandemic.
Russia's economic representative Kirill Dmitriev expressed the opinion that it is becoming more and more likely that Washington will ease additional sanctions.
"The United States is effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable," Dmitriev posted on Telegram.
"Amid the growing energy crisis, further easing of restrictions on Russian energy sources appears increasingly inevitable, despite resistance from some in the Brussels bureaucracy," he adds.
French President Emmanuel Macron, whose country currently holds the presidency of the Group of Seven advanced economies, stated that the closure of the Strait of Hormuz does not warrant the removal of sanctions against Russia.
"The consensus was that we should not change our position on Russia and should maintain our efforts on Ukraine," Macron told a G7 videoconference discussing the economic fallout from the US-Israeli war with Iran.
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The Treasury has released an authorization permit for the transportation and commercialization of Russian crude oil and petroleum products that have been loaded onto ships up until 12:01 am Eastern Time on March 12, and until 12:01 am on April 11.
The decision was made following Washington's recent temporary authorization for the sale of Russian oil, which had been left stranded at sea, to India. US Treasury Secretary Scott Bessent emphasized that the authorization granted to India was a narrowly focused and temporary measure.
He expressed that the mentioned action would not yield substantial financial advantages for the Russian government. This is due to the fact that the majority of its energy revenue comes from taxes imposed at the time of extraction. Dmitriev recently acknowledged participating in a constructive meeting with American negotiators in Florida. These discussions marked the initial communication between Moscow and Washington amid the commencement of hostilities in Iran.