US President Donald Trump's Administration and the US Treasury have temporarily allowed sales of Russian oil in a bid to cool the global market. Photo / Getty ImagesUS President Donald Trump's Administration and the US Treasury have temporarily allowed sales of Russian oil in a bid to cool the global market. Photo / Getty ImagesThe Trump Administration has temporarily lifted sanctions on Russian oil shipments in an effort to calm markets and stem the economic fallout from its war on Iran, which has sent crude prices spiralling upward. “To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea,” Treasury Secretary Scott Bessent posted on X. The move will provide a huge financial boost to Russia, which experts say has already been receiving about US$150 million per day from increased oil sales since the US attacked Iran two weeks ago.

Source: New Zealand Herald March 13, 2026 15:28 UTC