Thirty-day authentication: U.S. removes sanctions on Russian oil temporarily

Scott Bessent, Secretary of the American Treasury, announced late Thursday a “temporary authorisation” that allows countries to buy Russian oil for a 30-day period. He assured that the measure would not bring great benefits to Moscow, as most of its energy revenues are tax-takers at the extraction point, the BBC reports.

The decision comes as conflict in the Middle East has jeopardised the Strait of Hormuz, one of the most important routes for oil and gas trade, slowing global tanker traffic.

Iran has warned it will not allow the export of any oil liter from the region, while the US and Israel continue military operations.

US President Donald Trump stressed that the US is the world's largest oil producer, presenting it as a means to stabilise prices.

Meanwhile, Hungary's Prime Minister Viktor Orban has urged the European Union to lift sanctions on Russian fossil fuels to ease the impact of conflict on energy prices