The United States is temporarily lifting sanctions on Russian oil that were already loaded on ships as of 12 March 2026. The decision, announced by US Secretary of the Treasury Scott Bessent, makes it possible for countries to deliver, sell, or offload Russian crude oil and petroleum products, easing pressure on the global energy market disrupted by the war in Iran.
‘President Trump’s pro-energy policies have driven US oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,’ Bessent wrote in a post on X late Thursday.
According to the Treasury Secretary, the move ‘will not provide significant financial benefit’ to Russia, ‘which derives the majority of its energy revenue from taxes assessed at the point of extraction.’
The US–Israeli joint military operation launched against Iran at the end of February, and the Iranian retaliatory strikes that followed, caused major disruptions to global energy markets. Crude oil prices quickly rose above $100 per barrel—the highest level since the 2022 energy crisis—as traffic through the Strait of Hormuz, a chokepoint through which roughly one-fifth of the world’s oil and LNG normally passes, declined sharply, and some Middle Eastern countries halted production.
The consequences have hit Europe especially hard, as the continent faces the first major crisis since cutting off Russian gas and phasing out Russian oil following Moscow’s invasion of Ukraine. Benchmark Dutch TTF gas prices jumped nearly 30 per cent in early March, briefly approaching €70 per MWh before stabilizing around €60. Overall, European gas prices have surged dramatically since the conflict began, in some cases rising by as much as 60 per cent.
Hungarian Prime Minister Viktor Orbán has recently called on the European Union to suspend sanctions on Russian energy to tackle the crisis and protect European citizens and industries. The Hungarian government introduced fuel price caps for diesel and petrol on 10 March, as the country’s energy security is already threatened by Ukraine’s blockade of Russian oil transit through the key Druzhba pipeline since 27 January.
Welcoming the decision of the Trump administration, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó criticized the European Union for not taking similar steps. ‘With today’s US decision to suspend sanctions on Russian oil shipments, Russian oil can once again reach global markets by sea, increasing supply and bringing prices down,’ Szijjártó wrote in a post on X. He added that ‘Europe, however, will not see these benefits, as Russian oil is banned from the European market and Brussels continues to make decisions according to the demands of Zelenskyy.’
‘The EU should follow the American example and suspend sanctions on Russian oil. Allowing these supplies back onto the European market would help curb price increases, but unfortunately, Brussels has not yet taken this step,’ Szijjártó concluded.
‘A prolonged conflict in the Middle East could bring devastating scenarios for Europe’
The EU, however, does not appear willing to suspend punitive measures. Speaking on 10 March, Valdis Dombrovskis, EU Commissioner for Economy and Productivity, said the situation remains ‘very clear’ and that the bloc ‘must continue to exert maximum pressure on Russia.’
According to analysts, a prolonged conflict in the Middle East could bring devastating scenarios for Europe, potentially resulting in the worst energy crisis since the 1970s. As Hungarian Conservative reported, the worst-case scenario would see gas prices triple compared to pre-crisis levels, disruptions to oil and LNG shipments forcing heavy industry to halt production, inflation skyrocketing, and Europe facing recession across a continent already caught in polycrisis.
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