Trump says USA to lift oil sanctions to lower prices for this raw material
President Donald Trump said Monday the U.S. will lift oil-related sanctions against certain countries to help lower crude prices.
Trump announced the decision during a White House news conference streamed on the administration’s YouTube channel. He cited the need to reduce global oil prices, which have surged since the start of the war with Iran.
Trump said the U.S. is protecting the world from what he called "crazy people" and their actions, adding that the effort has been very successful. He said the administration is also lifting certain oil-related sanctions to bring down prices and will remove those sanctions on some countries until the situation improves. Trump said it’s unclear whether the sanctions will need to be reimposed.
Russia is among the countries Trump referenced, including its largest oil companies Rosneft and Lukoil. The U.S. Treasury Department imposed the sanctions October 22, 2025. The companies were added to the Specially Designated Nationals list, which entails a full asset freeze and prohibition on all transactions. Numerous subsidiaries of both oil giants were also sanctioned. These measures, along with sanctions targeting the "shadow fleet" of tankers transporting Russian oil, have been considered among the most effective in pressuring Russia to end its war in Ukraine.