Temporary lifting of oil sanctions to help Russia gain foothold in new markets — senator

Business & Economy March 13, 17:46

Konstantin Basyuk said this is only a short-term, one-month permit for already loaded shipments, but experience shows that such "temporary solutions" often prove "very sustainable"

MOSCOW, March 13. /TASS/. The lifting of sanctions on operations with Russian oil until April 11 provides an additional opportunity for Russia to gain a foothold in new markets, Konstantin Basyuk, Deputy Chairman of the Committee on Defense and Security at the Federation Council, upper house of parliament, told TASS.

"The temporary lifting of restrictions on operations with Russian oil shows that the US has to consider the real needs of the global energy market. <...> For Russia, this is an additional opportunity to gain a foothold in new markets and further strengthen its reputation as a reliable energy supplier," Basyuk said.

Formally, this is only a short-term, one-month permit for already loaded shipments, but experience shows that such "temporary solutions" often prove "very sustainable," the senator added.

But it is important to understand that Washington only takes such steps when the issue directly affects its own interests, he noted.

"Therefore, in dialogue with the US, it is always necessary to proceed from a strong and independent position, rather than relying on abstract mutual understanding or political situation," Basyuk said.

The US Department of the Treasury lifted sanctions on the sale and delivery of Russian oil and petroleum products loaded onto vessels before March 12. The general license published by OFAC authorizes these operations until April 11.

The US authorities’ decision to exempt Russian oil and petroleum products loaded onto ships by March 12 from American sanctions for a month is aimed at reducing the cost of energy on global markets by increasing its supply, US Treasury Secretary Scott Bessent said. He also claimed that Russia would not benefit significantly from the temporary easing of sanctions.

Read more on the site →