Treasury Secretary Scott Bessent testified before the Senate on Wednesday that the Trump team decided to lift the sanctions waiver on Russian oil sales after pressure from developing nations. The move comes amid a broader scramble to keep oil markets stable as global prices climb.

The waiver, which had been suspended since the start of the administration, now allows Russian crude to flow to buyers in the Global South. Analysts say the decision could ease supply constraints but also dilute sanctions aimed at curbing Russia’s war funding.

For investors, the policy shift signals that oil futures may see less volatility in the short term, yet the long‑term impact on sanctions regimes remains unclear. The ruling marks a clear departure from the hard‑line stance that dominated early Trump policy.