Trump administration weighs partial rollback of Russian oil sanctions to cool global energy prices

The Trump administration is exploring a partial rollback of sanctions on Russian oil, three sources familiar with the matter told Reuters, in a move that would mark one of the most significant shifts in US energy policy since the onset of the war in Ukraine.

The sources said the potential measures under consideration include both a broad relaxation of existing restrictions and tailored delivery options that would allow certain countries — India among them — to purchase Russian crude without fear of incurring US secondary tariffs or other sanctions-related penalties.

The sources indicated the relief measures could be announced as early as Monday.

Global energy crisis forces Washington’s hand

The proposed easing, aimed at arresting the sharp spike in global energy prices triggered by the US-Israeli military campaign against Iran, could simultaneously undermine Washington’s stated objective of denying Moscow the revenues it requires to sustain its war in Ukraine, sources said.

White House Press Secretary Taylor Rogers said President Trump and his senior advisers had drawn up a plan to “maintain stability in energy markets” well before hostilities with Iran commenced.

Rogers stressed that the White House continues to assess “all credible options.” The disclosure of potential sanctions relief drew immediate attention given its timing: the information surfaced in the wake of a telephone conversation between Trump and Russian President Vladimir Putin.

Washington prepares to release ‘floating barrels’ onto the market

In early March, the US had already granted India temporary authorization to purchase Russian oil already loaded aboard tankers at sea. Treasury Secretary Scott Bessent argued at the time that the measure would not “generate significant financial gains for the Russian government,” given that the cargo in question had already departed Russian ports.

Speaking on Saturday, Secretary Bessent indicated that Washington could move further still, potentially extending its relaxation of the sanctions regime on Russian oil exports and allowing Moscow to sell what he described as “hundreds of millions of barrels” of crude currently sitting in tankers at sea.

‘I have a plan for everything — you’ll be very pleased’

Addressing the surge in oil prices driven by the conflict in Iran, Trump told the New York Post in an interview published Monday: “I have a plan for everything, you understand? I have a plan for every situation. You’ll be very pleased.”

According to Bloomberg, Trump was expected to hold a press conference later Monday evening, Eastern Time, following a closed-door meeting with members of Congress on the night of March 9.