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(Bloomberg) — The US told its Group of Seven partners that Russia sanctions relief would be temporary as it reacts to spiking energy prices amid the war in Iran, the European Union’s economy chief said.
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The assurances came Monday during a call of G-7 finance ministers, held shortly after the Trump administration granted India a waiver to buy Russian oil held at sea.
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The US was “emphasizing” that the India decision was “very much contained both in terms of time and scope of the measures,” said EU Economy Commissioner Valdis Dombrovskis, who joined the call.
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“They do not expect substantial impact of this on Russian oil revenues,” he added, speaking during a Monday night press conference.
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The India waiver left Europeans anxious that the US may be loosening its restrictions on Russia just as just as Moscow’s economy shows signs of significant strain. US Treasury Secretary Scott Bessent had also indicated more sanctions could be lifted.
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But Dombrovskis stressed that the US was “broadly aligned” with Europe’s desire to keep the economic pressure on Russia, despite the Iran war driving up oil and gas prices.
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Russian oil revenues collapsed earlier this year due to weaker global prices and penalties that created steep discounts for the nation’s crude.
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But oil prices are now reaching heights not seen since Russia launched its full-scale war in Ukraine, giving Moscow a chance to grow its revenues.
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“It’s important that we do not now ease the pressure on Russia and do not help Russia to fill its war chest using this situation of elevated oil and gas prices,” Dombrovskis said.
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—With assistance from Alessandra Migliaccio and Kamil Kowalcze.
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