Russia actually earns less after 'oil sanctions' were lifted – Bessent

The Russian government is in fact receiving less revenue from its oil sales after Washington temporarily allowed the sale of Russian oil and petroleum products that were already loaded onto ships.

U.S. Treasury Secretary Scott Bessent stated this in an interview with NBC News on Sunday, March 22, according to Ukrinform.

“Which is better: does Russia get more money if oil goes to $150 and they get 70% of that? Or if oil stays below $100? So they are getting less money. Our analysis shows that the maximum extra amount Russia could get would be two billion dollars, which equals one day of the Russian Federation’s budget,” he said.

According to Bessent, the Russians would still get money because China buys 90% of their oil.

“We were substantially able to degrade their [Russian] exports, that dropped by about 25% when the rest of the world isn’t buying it [Russian oil]. Export’s down, but there was a life line in China. Now we have opened this [Russian oil] to everyone,” he added.

As Ukrinform reported, the U.S. Treasury Department simultaneously issued a license allowing the sale of Russian crude oil and petroleum products already loaded onto ships. The license temporarily allows countries to buy Russian oil that is currently “stuck at sea.” The permit is valid from March 12 to April 11.

President Volodymyr Zelensky stated that the U.S. decision to temporarily allow the sale of Russian oil and petroleum products already loaded onto ships will give Russia an additional $10 billion.

Photo: Office of the President of Ukraine