Trump Lifts Sanctions on Russian Oil Amid Iran Conflict

Move aims to curb soaring energy prices as war in Iran rages on.

Mar. 13, 2026 at 10:05am

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The Trump administration has temporarily lifted sanctions on Russian oil that is currently at sea, allowing it to be shipped to buyers around the world. This decision is an effort to contain energy prices that have been soaring due to the ongoing war in Iran. The sanctions relief is a significant turning point in America's effort to punish Russia for its war in Ukraine, as the administration looks for ways to mitigate the economic pain caused by the Iran conflict.

Why it matters

The lifting of oil sanctions represents a sharp reversal from last summer when the administration doubled tariffs on India as punishment for its purchases of oil from Russia. This move could further divide the United States and Europe, which has been skeptical of Trump's attack on Iran and has expressed a desire to continue to exert economic pressure on Russia.

The details

The exemptions, issued by the Treasury Department, will be in place until April 11. Treasury Secretary Scott Bessent estimated that freeing Russian oil could add hundreds of millions of barrels of crude to global markets, curbing prices that have been hovering near $100 per barrel as a result of the Iran conflict. Bessent asserted that Russia would not benefit significantly from the sanctions relief, but acknowledged that Moscow would see some financial benefit.

  • The sanctions relief was announced on Thursday, March 13, 2026.
  • The exemptions will be in place until April 11, 2026.

The players

Donald Trump

The President of the United States who ordered the temporary lifting of sanctions on Russian oil.

Scott Bessent

The Treasury Secretary who issued the exemptions and estimated the impact on global oil markets.

Russia

The country that faced punishing sanctions from the United States and the rest of the Group of 7 advanced economies since its invasion of Ukraine in 2022.

Iran

The country whose conflict with the United States has led to soaring energy prices, prompting the Trump administration's decision to lift sanctions on Russian oil.

Group of 7

The advanced economies that have imposed sanctions on Russia since its invasion of Ukraine.

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What’s next

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The takeaway

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