'Acknowledging The Obvious': Russia Highlights World's Dependence On Its Oil Amid US Waiver

Last Updated:March 13, 2026, 11:31 IST

Russia’s economic envoy Kirill Dmitriev said Washington's decision indicates towards the importance of Russian oil supplies in global markets.

Russia on Friday reacted to the soaring oil prices and said that the global energy market “cannot remain stable" without its oil. Moscow’s statement came after the United States temporarily allowed the sale of Russian crude already in transit in view of the rising energy prices amid the escalating war situation involving Iran, Israel, and the US.

Responding to the United States waiver message, Russia’s economic envoy Kirill Dmitriev said Washington’s decision clearly refers to the importance of Russian oil supplies in global markets.

“The United States is effectively acknowledging the obvious: without Russian oil, the global energy market cannot remain stable," Dmitriev posted on Telegram, according to AFP.

The development came after the US Treasury Department issued a notice “permitting transactions" involving Russian crude oil and petroleum products that had already been loaded onto vessels on or before March 12. The temporary authorisation will remain in effect until April 11.

Last week, US Treasury Secretary Scott Bessent said that the department has issued a “temporary 30-day waiver to allow Indian refiners to purchase Russian oil".

As the Iran-US-Israel war is set to enter its second week, the oil prices are surging at a massive level, escalating concerns for other countries as well.

Brent crude rose 9.2 per cent to settle at $100.46 a barrel, crossing the $100 mark for the first time since August 2022. The US benchmark West Texas Intermediate climbed 9.7 per cent to $95.73.

Equity markets also slipped as concerns grew over a prolonged conflict in the Middle East.

The ongoing US and Israeli strikes on Iran and Tehran’s retaliation have led to extensive disruptions in trade through the Strait of Hormuz, a key route for global oil shipments.

News world 'Acknowledging The Obvious': Russia Highlights World's Dependence On Its Oil Amid US Waiver

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