Zelensky Slams US for Easing Russia Oil Ban Amid Global Crisis

Ukrainian President Volodymyr Zelensky has strongly condemned the United States for extending a waiver that permits Russia to sell oil and petroleum products despite Western sanctions. The decision allows countries to purchase Russian crude already loaded on vessels at sea until May 16.

NaijaChoice News reports that the US justified the move as necessary to ease the severe energy supply crisis sparked by the US-Israel war with Iran. Zelensky, however, made clear his opposition in remarks on Sunday.

The Ukrainian leader said every dollar paid for Russian oil is money for the war in Ukraine. He noted that widespread sanctions have targeted Russia since President Vladimir Putin’s full-scale invasion began in February 2022.

Iran’s response to the attacks by the US and Israel has included strikes on energy facilities and civilian sites across Arab allies of the US. The country has also virtually shut the Strait of Hormuz, the narrow passage responsible for 20 per cent of global oil and LNG transport.

The closure has caused major turmoil in energy markets worldwide. Experts are warning of a possible global recession if the strait remains blocked for long.

In extending the waiver on Friday, the US said it wanted to ensure oil remains available to those who need it as negotiations to end the conflicts accelerate.

Zelensky further revealed that Russia operates more than 110 tankers from its shadow fleet, carrying over 12 million tons of oil. He warned that their sale would bring $10 billion to Moscow’s coffers, money he said would be turned into new attacks on Ukraine.

The war in Ukraine has reached a stalemate, with Russian forces controlling about 20 per cent of the country’s territory. Efforts by the US to broker peace have been put on hold because of the war in Iran. Recent attacks have intensified, including a deadly barrage on April 15 that killed at least 18 people using over 700 drones and missiles in one night.

For Nigeria, a major oil exporter, the developments could have mixed effects. Higher global oil prices from the Hormuz disruption may boost export revenues in the short term. However, analysts say any global economic downturn triggered by the energy crisis could hurt demand and impact foreign exchange earnings critical to the Nigerian economy.