'No change in policy' regarding Russian oil sanctions amid Iran war: Energy secretary

Energy Secretary Chris Wright said Sunday that the Trump administration’s policy toward Russian oil has not changed, despite Treasury Secretary Scott Bessent lifting some restrictions on the commodity earlier this week. 

“The United States’ policy towards Russia has not changed at all,” Wright told host Jake Tapper on CNN’s “State of the Union.”

On Thursday, Bessent wrote on the social platform X that the Treasury Department issued a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. The move comes as energy prices have spiked globally during U.S.-Israeli operations against Iran — which controls the Strait of Hormuz.

Last year, nearly 34 percent of the world’s crude oil passed through the strait, according to the International Energy Agency. However, Iran closed the passageway in the wake of U.S.-Israeli strikes. 

That standstill has led to higher prices at the pump for Americans. The average price for a gallon of regular gas hit $3.45 Sunday, up from more than $2.98 a week ago and nearly $2.90 a month ago, according to AAA. 

Both the Biden and Trump administrations had imposed sanctions on Russian oil amid the country’s war in Ukraine. Bessent said Thursday that easing restrictions on Indian purchases of Russian oil “will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea.”

Wright echoed the Treasury Department secretary, saying Sunday that India has “displaced all Russian oil imports” and is importing more oil from the U.S., Venezuela and other nations. He also said he spoke to Indian officials and said, “Look, there’s a whole bunch of oil that’s floating to wait to unload at Chinese refineries.”

“Instead of having it wait six weeks to unload there, let’s just pull that oil forward, have it land at Indian refineries and tamp this fear of shortage of oil, tamp the price spikes and the concerns we see in the marketplace,” he continued. “It’s just a pragmatic effort that has a short time span.”