US Treasury Denies $14B Russia Windfall as Sanctions Relief Stabilizes Oil Prices

US Treasury Secretary Scott Bessent rejected claims that Russia earned an additional $14 billion from rising oil prices and the easing of American sanctions. He made the statement during a Senate hearing broadcast by C-Span. "I strongly disagree,” he said in response to a question from Senator Christopher Coons. Sanctions Relief Aimed at Stabilizing Markets Bessent emphasized that the Treasury Department ensured the release of more than 250 million barrels of oil onto the market. According to him, if Washington had not temporarily lifted sanctions on Russia, oil prices could have surged to $150 per barrel instead of the current level of around $100.