The United States is considering lifting sanctions on Russian oil once the war in Ukraine ends, U.S. Treasury Secretary Scott Bessent said. According to him, a settlement between Moscow and Kyiv, stabilization in Venezuela, and a normalization of the situation around Iran could exert downward pressure on global oil prices.
As Bessent noted, reaching peace agreements could lead to a noticeable decline in commodity prices. In his assessment, resolving issues related to Venezuela, Iran, as well as Russia and Ukraine would allow significant volumes of oil to be removed from the U.S. Treasury’s sanctions regime, enabling them to return to the global market.