WASHINGTON: The US Treasury Department has announced another one-month relaxation of sanctions on the purchase and sale of Russian oil.
According to officials, oil purchases from Russia will be able to continue without any interruption until May 16, which will help improve the availability of oil globally.
A statement issued by the Treasury Department said that the main purpose of this decision is to prevent a potential shortage of oil worldwide and maintain stability in the energy sector.
According to economists, the recent volatility in oil prices and concerns about supply shortages had increased, due to which this step was considered necessary.
It should be remembered that the US has previously relaxed sanctions on Russian oil for a limited period. After the previous exemption expired, the sanctions were reimposed on April 11, but now they have been temporarily relaxed once again in order to maintain stability in the global market.
Energy experts say that this decision will not only improve the global market but also prevent a possible increase in oil prices.
On the other hand, some analysts are calling it a political strategy that could have far-reaching effects.
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According to observers, this decision is likely to have a significant impact on the global economy and the energy sector in the coming days.
