Putin offered the following remarks:

  • It would be efficient for the United States to use Russia’s LNG technologies in Alaska
  • On benefits for Russia from the war in Iran: market stability is important
  • Oil supply decline rattles markets; OPEC+ is there to balance the market
  • Russia is grateful to Saudi Arabia for cooperation on the global oil market

Crude oil is down $2.30, or 2.47%, at $90.73. The move lower has taken the price below the 200-hour moving average at $91.87. The session low reached $90.47 and the high reached $93.63.

US Sanctions on Russian Oil: Key Points

The United States maintains sanctions on Russian oil, but they are not a complete global ban on Russian oil exports.

  • The U.S. banned imports of Russian crude oil, petroleum products, LNG, and coal into the United States in 2022.
  • The U.S. and its G7 partners created a price-cap system that allows Russian oil to be sold to third countries only under certain conditions when Western shipping, insurance, or financial services are used.
  • The U.S. has sanctioned numerous Russian energy companies, tankers, traders, and entities involved in Russia’s “shadow fleet,” used to move oil outside Western oversight.
  • During 2026, the U.S. has temporarily adjusted or waived some oil-related restrictions at times to address global supply concerns stemming from disruptions in the Middle East and Iran-related conflicts. Those waivers have been extended, allowed to lapse, and re-extended at different points, reflecting a balance between sanctioning Russia and avoiding an oil-price shock.

For markets, the important takeaway is that Russian oil is still flowing to major buyers such as India and China, but under a web of sanctions, price-cap rules, and enforcement actions that aim to reduce Russia’s oil revenue rather than completely remove Russian barrels from the global market.

This is why oil traders watch Russian sanctions closely: tighter enforcement can reduce available supply and push prices higher, while waivers or relaxed enforcement can increase supply and ease upward pressure on crude prices.