The conflict in the Middle East benefits Russia, despite the invasion of Ukraine. This Friday, the U.S. Treasury Department has temporarily extended, until May 16, the suspension of most sanctions targeting the Russian oil industry. This decision comes as the temporary resumption of traffic through the Strait of Hormuz has caused a sharp drop in oil prices.
The decision, effective immediately, applies to all operations related to the loading and delivery of oil from Russia, and also applies to ships from the Russian ghost fleet that were previously under sanctions. The only exception is transactions with Iran, North Korea, Cuba, as well as the occupied Ukrainian regions, including Crimea, which remain prohibited.
Moderating the price surge
The U.S. government had already temporarily lifted sanctions on Russian oil stored at sea, with the aim of easing the surge in oil prices. But Treasury Secretary Scott Bessent assured on Wednesday that this suspension would not be extended beyond the initial period.
“We will not renew the license on Russian oil,” he said in a press conference. The U.S. government imposes sanctions on the oil resources of Russia and Iran to cut off revenue to the authorities of these countries. This is to punish Moscow for the invasion of Ukraine and Iran for continuing its nuclear program and funding armed groups like the Lebanese Hezbollah.
However, in March, Washington granted a temporary waiver to allow the oil from these countries to be sold in order to moderate the price surge following the war in the Middle East.
/2026/04/18/69e3d43dac950199198435.jpg "War in the Middle East: French soldier killed in Lebanon, new blockade of the Strait of Hormuz… What to remember")
