US may lift sanctions on additional Russian oil to ease global supply gap: Treasury chief

The remarks follow a US decision to issue a temporary 30-day waiver allowing Indian refiners to purchase Russian oil in an effort to maintain global supply.

“The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did,” said Bessent.

He added that India planned to replace the purchases with US crude, but the Treasury Department granted permission for Russian oil imports to help address the supply shortfall.

Bessent said the Treasury Department is examining whether additional sanctioned Russian crude shipments could be released to the market.

“We may unsanction other Russian oil,” he said. "There are hundreds of millions of barrels of sanctioned crude on the water ... by unsanctioning them, Treasury can create supply.”

He added that the Trump administration plans to continue announcing measures aimed at easing pressure on global energy markets.

The comments come amid tensions in the Middle East that have disrupted shipping through the Strait of Hormuz, a vital corridor for global energy trade.

Traffic through the waterway slowed sharply after attacks by the US and Israel on Iran, and Tehran’s retaliatory strikes, contributing to rising oil prices and concerns about supply.