Senate Senate Democrats press for investigation into moves to ease Russia oil sanctions by Sarah Davis - 03/11/26 6:14 PM ET by Sarah Davis - 03/11/26 6:14 PM ET Share ✕ LinkedIn LinkedIn Email Email NOW PLAYING Democratic senators are demanding answers after the Trump administration moved to ease sanctions on Russian oil reserves in an attempt to offset the impact of the U.S.-Israeli strikes on global oil supplies.  The minority members on the Senate Committee on Banking, Housing and Urban Affairs requested a congressional hearing with Treasury Secretary Scott Bessent by the end of March in a Tuesday letter to Committee Chair Tim Scott (R-S.C.), which was reported by Punchbowl News.  “The Trump administration cannot simultaneously claim to be prioritizing U.S. military operations while offering sanctions relief to [Russian President Vladimir] Putin,” the legislators wrote.  “The solution to a war started by President Trump must not be to reward the adversary helping Iran target American troops,” they continued.  The Trump administration temporarily lifted a restriction on the Indian government’s purchase of sanctioned Russian oil while Middle Eastern countries’ barrels are stalled in the Strait of Hormuz, a major oil-trading channel, amid strikes on Iran by the U.S. and Israel. Bessent said on Friday that the decision only permits India to buy Russian barrels that are “already on the water.” “This deliberately short-term measure will not provide significant financial benefit to the Russian government because it only authorizes transactions involving oil already stranded at sea,” the secretary wrote on the social platform X .  The Democratic lawmakers accused the administration of violating the Countering America’s Adversaries Through Sanctions Act , which requires the president to notify Congress 30 days before altering sanctions on countries such as Russia. President Trump signed this into law during his first term. The decision to loosen these trade restrictions follows reports that Russia provided the Iranian regime with information that aided their counterstrikes on U.S. bases in the Middle East. Seven American military members have died in the fight.  “But stranded oil is unpaid oil, and before the license, these unpaid Russian barrels represented a cash flow crisis” the lawmakers responded.  Trump, who campaigned on bringing down the cost of living in his victorious 2024 presidential bid, has dismissed concerns that the U.S. military’s ongoing operations against Iran will have a detrimental impact on the American economy. However, the price of gasoline has surged in the wake of these attacks, increasing by 27 cents in the course of four days last week.  Sen. Elizabeth Warren (D-Mass.), the ranking member on the Banking Committee, knocked Trump in a social media post .  “Donald Trump’s reckless war with Iran put Americans in danger and spiked our gas prices,” Warren wrote on X. “Trump’s global energy shock and weakening of sanctions also hands a windfall to Putin’s war machine.” Add as preferred source on Google Tags Donald Trump Elizabeth Warren Scott Bessent Tim Scott Vladimir Putin Copyright 2026 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Share ✕ LinkedIn LinkedIn Email Email More Senate News See All Senate Hawley introduces bill to remove FDA approval for Mifepristone by Alexander Bolton 1 hour ago Senate  /  1 hour ago