Oil prices in New York slipped after the US announced a temporary easing of restrictions on certain Russian crude shipments. WTI opened down about 2.71% at $93.14, while Brent fell roughly 2.02% to $98.43, dipping back under the $100 mark.
EU insists its sanctions and price cap still apply
The European Commission made a clear distinction from Washington. Paula Pinho, the Commission spokesperson, told reporters in Brussels that the EU's sanctions on Russian oil and the EU price cap remain in force. She added that the US exception is limited to shipments that are already on their way.
European leaders warn about security impact
Charles Michel and other EU figures have been vocal, and the president of the European Council emphasized the security angle. Antonio Costa wrote on social media that the US unilateral decision is worrying because it affects European security, and that weakening sanctions reduces pressure on Russia to enter serious negotiations for a lasting peace. He warned that easing measures would give Russia more resources to continue the war in Ukraine.
How big is the exception?
Russian estimates cited by news agencies suggest the US 30 day exemption could concern about 100 million barrels, which is roughly equivalent to a day of global oil production. That figure refers to volumes of oil and refined products already loaded on ships and currently at sea.
What Washington says
The US Treasury announced a temporary authorization aimed at allowing countries to move oil that was blocked at sea. According to Scott Bessent, the measure is narrow and short term, applies only to oil already in transit, and is not expected to deliver significant financial gains to the Russian government. The Treasury noted that most of Russia's energy revenues come from taxes charged where the oil is produced, not from these shipments.
Bessent also framed the step as part of a broader US effort to stabilize global energy markets and to keep prices low for consumers, while pointing to higher US oil and gas production as a long term benefit to the United States.
The Kremlin's take
The Kremlin said Moscow's production volumes are essential for stabilizing global energy markets in the current crisis. Dmitry Peskov described the US move as an attempt to calm markets and said Russian and US interests overlap on that objective. He warned there is a risk of a growing global energy crisis without Russian supply.
EU asks IEA to assess strategic release
The European Commission has asked the International Energy Agency to evaluate the medium term effects of releasing 400 million barrels from strategic reserves on supply security. EU officials who met in a coordination group on oil said there is currently no immediate risk to supply from the Middle East tensions. They noted that oil stocks remain high and gas storage in the EU is stable.
Reporting based on official statements and agency estimates.
