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US oil sanctions against Russia have officially been reinstated after Washington's temporary exemptions, introduced during the crisis around the Strait of Hormuz, expired, according to Vladyslav Vlasiuk, Ukraine's presidential commissioner for sanctions policy.
"US oil sanctions against Rosneft and Lukoil are back in force," Vlasiuk said.
Temporary exemptions introduced during Hormuz crisis
On March 12, amid the conflict with Iran and the blockade of the Strait of Hormuz, the United States introduced temporary exemptions for Russian oil exports to help stabilize global energy prices.
At the time, oil prices surged as Middle Eastern producers were unable to export crude through the strategically vital waterway, which had been blocked by Iran.
Although the exemptions were initially presented as a short-term measure, they were extended several times.
The sanctions were formally expected to resume on June 17, but the White House did not issue an official announcement. US President Donald Trump previously said he was still considering the issue.
On June 25, US Secretary of State Marco Rubio stated that Trump would make the final decision on extending the exemptions based on developments in global energy markets.
According to S&P Global, Russia earned more than $2 billion in additional revenue between March 12 and June 17 while the exemptions remained in place.
