Amid the crisis in West Asia, the Kremlin said Saturday that the world cannot afford to lose “large volumes of Russian oil”, adding it will bring “greater stability” to the energy market.
“The situation
is clear. The international energy infrastructure cannot afford to lose large volumes of Russian oil,” Kremlin spokesperson Dmitry Peskov told Russian state media agency TASS.
“This Russian oil is needed, and now, when part of it begins to enter the energy markets, greater stability is emerging,” he added.
US Lifts Sanctions On Russian Oil
The United States lifted sanctions on the sale of oil and petroleum products from Russia loaded onto ships before March 12, a measure which Washington said was aimed at cooling global energy prices that have surged after the Iran war.
With the disruption in the global energy supply amid the West Asia conflict, the US has signaled the exemption period may be extended.
US treasury secretary Scott Bessent said the short-term step was intended to “stabilize global energy markets” and “increase the global reach of existing supply” after surging oil prices in the wake of the conflict involving Iran and the subsequent blockade of the Strait of Hormuz.
According to a report by Reuters, the US administration said the move would not provide significant financial benefit to the Russian government. On March 5, Washington issued a waiver for India to allow purchased of Russian oil already stranded at sea.
