Kremlin: Russia and U.S. Aim to Stabilize Energy Markets

• The waiver marks the second major rollback of Ukraine war-related U.S. sanctions in just over one week, as the administration attempts to tame energy prices after strikes on Iran paralyzed shipping through the Strait of Hormuz
• Kremlin spokesman Dmitry Peskov stated that 'without significant volumes of Russian oil entering the market, such stabilisation is impossible' and acknowledged aligned interests between Russia and the U.S. on energy market stability
• The Kremlin warned of risks that the global energy crisis could escalate further despite the temporary sanctions relief measure

Market Summary: Russia-U.S. Energy Market Coordination

Key Developments

The United States has issued a 30-day sanctions waiver allowing countries to purchase sanctioned Russian oil and petroleum products currently at sea. This marks the second significant rollback of Ukraine war-related sanctions in just over one week.

Primary Driver

The waiver, announced by Treasury Secretary Scott Bessent, aims to stabilize global energy markets disrupted by U.S. and Israeli strikes on Iran, which have paralyzed shipping through the Strait of Hormuz—a critical oil transportation chokepoint.

Russian Response

Kremlin spokesman Dmitry Peskov stated that Russia and the U.S. share aligned interests in energy market stabilization. He emphasized that "without significant volumes of Russian oil entering the market, such stabilisation is impossible." Peskov also warned of risks that the global energy crisis could escalate further.

Market Context

The temporary sanctions relief represents a pragmatic policy shift by the current U.S. administration to tame energy prices amid supply disruptions. The Iran conflict has created urgent pressure on global oil supplies, forcing Washington to temporarily ease restrictions on Russian energy exports despite ongoing geopolitical tensions.

Broader Implications

This development signals that energy security concerns are taking precedence over sanctions enforcement in the near term. The coordination between the U.S. and Russia on energy matters, despite broader diplomatic conflicts, underscores the critical role Russian oil plays in global supply chains. Markets will be watching closely to see if this temporary measure is extended beyond 30 days and whether it successfully contains energy price volatility.

The waiver specifically applies to oil already at sea, providing immediate relief while limiting the scope of sanctions relaxation.