U.S. Treasury Secretary Scott Bentsen:

We may also lift sanctions on other Russian oil due to the temporary global oil gap.

U.S. Treasury Secretary Scott Bentsen indeed stated on March 6, 2026, that due to a gap in global oil supply, the U.S. government is considering lifting sanctions on more Russian oil.

Bentsen said in an interview: "There are hundreds of millions of barrels of sanctioned crude oil at sea. By lifting the sanctions, the Treasury can create supply, and we are studying this issue."

This move is mainly due to the recent escalation of conflicts in the Middle East, which has severely disrupted oil transportation through the Strait of Hormuz, leading to a surge in oil prices. On March 6, Brent crude closed at $92.69 per barrel, up 8.52% for the day.

The day before (March 5), the United States had issued a 30-day temporary exemption to India, allowing it to continue purchasing Russian crude oil stranded at sea.

According to Goldman Sachs, the volume of sanctioned crude oil from countries such as Russia and Iran currently stranded at sea has reached 375 million barrels. If the restrictions are lifted, each 100 million barrels of crude oil entering the market could potentially reduce the price by $3 to $4 per barrel.

If the United States lifts sanctions on Russian oil, it would be a major upheaval for China regarding energy costs, geopolitical strategies, and diplomatic arrangements. In short, this means that the cost and strategic advantages China has long relied on importing discounted Russian oil will face shrinkage.

Over the past few years, Russian crude oil, due to sanctions, was forced to be sold at significant discounts, benefiting China, the largest buyer.

Currently, the discount on Russian oil has narrowed from its peak. If the sanctions are lifted, Russian oil will return to market pricing, and the super-low price advantage of being $10 cheaper per barrel than the international benchmark may no longer exist.

At the same time, the process of RMB internationalization may face challenges.

The U.S. policy objective still targets China.

Original article: toutiao.com/article/1859020333426688/

Statement: This article represents the views of the author himself.