Trump administration may ‘unsanction’ more Russian oil, says Scott Bessent after India waiver

The United States Treasury Secretary, Scott Bessent, stated that the US may remove restrictions on additional Russian oil imports. This follows a decision on Thursday to allow Indian refiners to buy petroleum from the country.Bessent said this while speaking to the US media network Fox News.

“Hundreds of millions of sanctioned barrels” of crude are currently on the water, according to Bessent. “Treasury can essentially create supply by unsanctioning them,” he stated.
Also Read: Donald Trump tries to calm waters, announces $20 billion reinsurance program for oil tankers in Iran warAs violence in the area prevented tankers from passing through the Strait of Hormuz, Brent oil prices shot up above $90 per barrel on Friday. Some traders and industry executives warned that if the fighting continues, prices might go over $100 per barrel.

The Trump administration has announced a plan to permit the US International Development Finance Corp. to establish a reinsurance scheme to protect vessels that cross the strait from losses of up to $20 billion in an attempt to release supply from the area.

Like other officials, Bessent believes that the United States’ attempts to defeat Iran will be successful. He declared, “Our campaign has been overwhelming.” “I don’t think they’ll be able to achieve their goal of causing economic chaos.”