Ukraine and France, however, appear unhappy after the lifting of long-standing sanctions on Russian oil trade.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
The United States said on Friday it had temporarily lifted a US embargo on Russian oil.
The US has decided to allow other countries to buy Russian fuel in order to reduce the economic impact of its and Israel's war on Iran.
The decision was taken as a temporary measure to maintain "stability in global energy markets" during the war, according to US Treasury Secretary Scott Besant.
The US has lifted the embargo on Russian oil until April 11, allowing the US to buy only oil loaded on Russian ships at sea.
"This temporary measure only applies to oil in 'transit' and does not provide significant economic benefits to the Russian government," Besant said.
Russia said it now has about 100 million barrels of oil in transit.
Oil prices had again topped $100 a barrel on Thursday after at least three more tankers were attacked in the Gulf.
Iran has been blocking oil shipping lanes and attacking cargo ships. Oil production sites in the Gulf have also been targeted.
The US has temporarily lifted sanctions on Russian fuel a day after Iran's newly appointed Supreme Leader Ayatollah Ali Khamenei vowed to block the Strait of Hormuz, a key oil shipping route.
The narrow waterway carries about 20 percent of the world's oil exports.
The war has left oil tankers stranded in the Gulf. They have been unable to pass through the narrow waterway between Iran and Oman, affecting oil supplies.
Besant argued that even if oil prices rise, it will benefit the US and the US economy in the long term.
On Wednesday, the US announced it would use 172 million liters of oil from its strategic reserve.
Meanwhile, Russian President Vladimir Putin's economic envoy Kirill Dmitriev said that "the world's energy market cannot be stable" without Russian oil.
"The US is realizing the truth. The world's energy market cannot be stable without Russian oil," he wrote on Telegram.
However, investor Bill Browder, who has campaigned for sanctions against senior Russian officials accused of corruption, called the decision to allow the purchase of Russian oil a "terrible" mistake, the BBC reported.
Ukraine has not yet commented on the US decision. But Ukrainian President Volodymyr Zelensky said that easing the sanctions would be a "serious blow" for Ukraine and a "facility" for Russia to buy more weapons.
French President Emmanuel Macron has said that lifting Russian sanctions is in no way justified if the Strait of Hormuz is closed.
