US oil sanctions against Russia are once again in full effect. Washington has terminated temporary exemptions that were previously introduced to stabilize global markets amid geopolitical tensions in the Strait of Hormuz.
This was stated by Vladyslav Vlasuk, the President of Ukraine's Commissioner for Sanctions Policy. According to him, restrictions on the largest Russian oil companies — Rosneft and Lukoil — have been officially reinstated.
Reason for Temporary Suspension
The temporary pause in sanctions policy was initiated on March 12. At that time, Washington decided to introduce exemptions amid the escalation of the conflict with Iran and the threat of blocking the Strait of Hormuz. Middle Eastern countries found themselves unable to export their energy resources, causing a sharp spike in oil prices worldwide.
From the very beginning, the US administration emphasized that this step was exclusively temporary. However, given the unstable situation, the exemptions were extended several times.
Political Context
Officially, the validity period of the concessions expired on June 17. Despite this, the White House did not publish official statements regarding the resumption of the sanctions regime. At the same time, Donald Trump stated that he continued to "consider" the issue of further actions.
The final decision was made on June 25. US Secretary of State Marco Rubio reported that Trump was guided by the dynamics of prices in the global energy market when deciding not to extend the exemptions further.
Financial Consequences
Experts have calculated the benefit Russia gained during the period of concessions. According to data from the analytical agency S&P Global, from March 12 to June 17, the Russian economy was able to earn an additional more than $2 billion thanks to the ability to export oil without restrictions.