By Micah Jonah, March 14, 2026
Ukraine and European leaders have sharply criticized the United States for partially easing sanctions on Russian oil amid soaring energy prices linked to the Iran war. Ukrainian President, Volodymyr Zelenskyy warned that the move could give Russia around $10 billion to fund its war in Ukraine.
The Trump administration issued a 30-day waiver allowing certain countries to buy sanctioned Russian oil and petroleum products that are stranded at sea, aiming to stabilize global energy markets disrupted by the closure of the Strait of Hormuz during the US-Israeli conflict with Iran.
European leaders, including French President, Emmanuel Macron; German Chancellor, Friedrich Merz and European Council President, Antonio Costa, argued the easing of sanctions undermines pressure on Russia and could strengthen its military efforts. Macron emphasized that the waiver is temporary, however stressed that Europe would maintain pressure on Moscow.
Data firm Vortexa reported that 7.3 million barrels of Russian oil are in floating storage, with 148.6 million barrels in transit. Russia estimates the waiver could impact 100 million barrels, nearly a day’s worth of global oil production. Kremlin spokesperson, Dmitry Peskov said the move aligns with stabilizing world energy markets.
Meanwhile, the International Energy Agency (IEA) announced that its 32 member countries would release 400 million barrels of oil from emergency reserves to mitigate immediate supply disruptions. IEA Executive Director Fatih Birol noted that restoring stable transit through the Strait of Hormuz is crucial for long-term energy stability.
The decision highlights tensions between energy security, geopolitical conflicts, and efforts to sustain pressure on Russia amid ongoing wars in both Ukraine and Iran.
