US May ‘Unsanction’ More Russia Oil Post India Move

By Daniel Flatley

Mar 7, 2026(Bloomberg) –Treasury Secretary Scott Bessent said the US may lift sanctions on further Russian oil supply after a move Thursday to give Indian refiners the green light to purchase crude from the nation.

“Treasury agreed to let our allies in India start buying Russian oil that was already on the water,” Bessent said in an interview with Fox Business Friday. “To ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil. We may unsanction other Russian oil.”

Bessent said there’s “hundreds of millions of sanctioned barrels” of crude on the water now. “In essence, by unsanctioning them, Treasury can create supply,” he said.

Brent crude prices surged past $90 a barrel Friday as fighting in the region kept tankers away from the Strait of Hormuz, with some traders and energy executives warning that prices could climb to more than $100 per barrel if the conflict continues.

Heading Off ‘Chaos’

In an effort to unlock supply from the region, the Trump administration has rolled out a plan to allow the US International Development Finance Corp. to put in place a reinsurance program to guard against losses up to about $20 billion for vessels that traverse the strait.

Read Also: Belgium Seizes Russian Shadow Fleet Tanker Linked to Iran

Bessent echoed other officials in anticipating the US efforts to defeat Iran will prove victorious. “Our campaign has been overwhelming,” he said. “They’re trying to create economic chaos, and I don’t think they’re going to be able to do it.”

Earlier Friday, President Donald Trump called for “unconditional surrender” from Iranian leaders and indicated the US would continue targeting sites in the country until the regime capitulates. Bessent said Friday night would see the “biggest” barrage since the attacks began last weekend.

“We’ve considered all this,” he said. “This is in the president’s calculus, and things are proceeding as planned.”

© 2026 Bloomberg L.P.

Updated: March 31, 2026 (Originally published March 7, 2026)

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