Business
March 27, 2026
In a bid to curtail rising fuel prices due to the ongoing US-Israel-Iran conflict, the United States lifted sanctions on the purchase of Russian oil. The US Russia sanctions waiver, which will last until April 11, has helped Russia significantly.
Russia is reportedly earning $760 million per day, as the conflict in the Middle East and the closure of the Strait of Hormuz drive up fuel prices, according to a TRT report. The country’s oil and gas sales are expected to increase from $12 billion to $24 billion this month.
A CBS report tells us that Russia, which was earlier offering at a 10-20% discount due to the Russia oil sanctions, is now selling crude oil at the same level as Brent crude, further boosting its revenue.
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Zelenskyy Says the US Waiver Just Handed Putin $10B for Ukraine War
Ukrainian President Volodymyr Zelenskyy has sharply criticized the decision, arguing that it directly benefits Moscow’s military efforts. He claims the Russia Iran war oil revenue has handed Russia $10 billion that could be used to fund its ongoing invasion.
“Our intelligence reports that due to all the sanctions imposed by the United States and the EU, and because of our deep strikes on Russian energy infrastructure, Russia faced a deficit of more than $100 billion in 2026 alone. Now, we see they have made around $10 billion over two weeks of the war in the Middle East.”
From Zelenskyy’s perspective, the funds from the Russia oil sanctions waiver will effectively aid the Russia Ukraine war funding. Additionally, the Kremlin now has the confidence to continue the war.
While announcing the waiver, Treasury Secretary Scott Bessent said the relief applied only to Russian oil stranded at sea.
“To increase the global reach of existing supply, US Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea. This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.”
The US Russia sanctions waiver puts Washington in a difficult spot. Its efforts to stabilize energy markets during the ongoing Iran crisis could reshape the Russia Ukraine war. Revenue from Russian oil exports is at its highest since 2022, when Russia invaded Ukraine. The income from seaborne crude oil hit $2.46 billion for the week ending March 22.
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After the Russia oil sanctions relief, countries that had been wary of purchasing Russian crude oil have increased their imports. China has increased its imports by 22%, Brazil by 32%, and Singapore by 200%. India, too, reportedly received a US waiver to buy Russian oil, although India rejected the premise that it needed permission to proceed.
For now, everyone is closely watching the talks between Washington and Tehran, with the US sending Iran a 15-point proposal to end the conflict. If the war doesn’t end by June, crude oil could hit $200, hurting the global economy, Bloomberg reports.
