U.S. Secretary of State Scott Bessend defended before senators yesterday, Wednesday, President Donald Trump’s administration’s decision to extend the temporary suspension of sanctions against Russia’s oil, in place after Russia’s 2022 military invasion of Ukraine.
After their first suspension, until 11April, sanctions on Russian oil continue to be partially suspended for another month, until 16May, in order to balance the effects of the US-Israeli war against Iran on oil prices.
The decision was announced just two days after Mr. Bessent had assured the press that the initial suspension would not be extended.
When asked about this during a Senate committee hearing, the Minister explained that he changed his mind because he was contacted by “over ten countries among the poorest and most vulnerable in the world from an energy perspective”.
The contacts took place on the margins of the meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington DC (13th-17th of April).
“They’ve asked us to extend the suspension, and it’s just for 30 more days,” he told senators.
The decision was condemned by Ukrainian President Volodymyr Zelensky, who spoke of securing additional funding from Moscow to continue the war.
In addition to Russian oil, the suspension of sanctions also applies to Iranian oil loaded on ships, and in this case, according to Mr. Bessent, to reduce the impact on energy costs–oil and gas prices have taken off since the outbreak of the USUS and Israel’s war against Iran on Feb. 28 28.
Tehran has reacted by targeting US bases, as well as energy infrastructure, in neighbouring monarchies, notably Qatar, Saudi Arabia and the United Arab Emirates, and by closing de facto the Strait of Hormuz, through which nearly 20% of the hydrocarbons destined for international markets normally pass.
