EU Council chief says US move on Russian oil sanctions 'concerning' for European security

BRUSSELS

European Council President Antonio Costa on Friday voiced concern over a unilateral decision by the United States to temporarily lift sanctions on Russian oil exports, warning that the move could have implications for European security.

"The unilateral decision by the US to lift sanctions on Russian oil exports is very concerning, as it impacts European security," Costa wrote on US social media platform X.

He stressed that maintaining economic pressure on Russia is "decisive" to pushing Moscow toward "serious" negotiations.

"Weakening sanctions increases Russian resources to wage the war of aggression against Ukraine," Costa added.

Separately, European Commission spokesperson Siobhan McGarry said the bloc remains confident in the effectiveness of its sanctions regime and the oil price cap on Russian crude.

"Russia should absolutely not benefit from the war on Iran," McGarry stressed.

Another spokesperson, Paula Pinho, also reiterated that the EU does not see this as a moment to ease pressure on Moscow, noting that Russia has significantly increased its earnings from energy exports since the start of the Middle East conflict.

The comments came after US authorities on Thursday reportedly authorized the temporary purchase of Russian oil stranded at sea in an effort to stabilize global energy markets.

According to media reports, nearly 124 million barrels of Russian-origin crude oil are currently held at sea across around 30 locations worldwide as of March 12, an amount equivalent to roughly five to six days of global supply.

US Treasury Secretary Scott Bessent said the measure is aimed at preventing market disruptions and easing pressure on energy prices.

"The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long term," Bessent said.

Oil prices have spiked sharply since the start of the Iran war. Before the conflict began, the price per barrel of crude oil was between $60 and $70. As of the beginning of this week, the price has nearly doubled to between $100 and $120 per barrel.