U.S. President Donald Trump said on March 9 that he will waive some sanctions on oil to boost supply and bring down prices, due to market turmoil over war in the Middle East.
"We're also waiving certain oil-related sanctions to reduce prices," Trump told reporters after talks with Russian President Vladimir Putin.
He also mentioned Chinese President Xi Jinping.
"We have sanctions on some countries. We're going to take those sanctions off till this straightens out," Trump added.
Trump did not specify any country or provide details on which sanctions would be lifted.
His comments came after speaking to the leader of Russia, one of the world's largest oil producers and exporters, while China is a key Russian trading partner and major oil importer.
He said Washington could possibly keep sanctions lifted on the unspecified countries if the war came to an end.
Trump's Treasury Secretary Scott Bessent said last week that Washington was considering lifting sanctions on more Russian oil, a day after it temporarily authorized India to buy from Moscow.
The U.S. government temporarily eased economic sanctions to allow Russian oil currently stranded at sea to be sold to India, restrictions that were imposed over Moscow's conduct in negotiations to end the war in Ukraine.
It said the transactions, including those from vessels blocked by various sanctions regimes, are authorized through the end of the day on April 3, 2026.
Trump's latest comments reflect possible fears in his administration about the impact of skyrocketing crude prices on American consumers before the crucial midterms in November.
