Oil ship  Image by Gerhard Traschütz from Pixabay

March 17, 2026 - Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) has joined Senator Ruben Gallego (D-Ariz.) and eight of her Democratic colleagues on the Senate Committee on Banking, Housing, and Urban Affairs in calling on Chairman Tim Scott (R-S.C.) to convene a hearing with Treasury Secretary Scott Bessent over recently announced sanctions relief for Russia. This comes at the same time that Russia is providing intelligence to Iran to target American service members in the Middle East.

“The Trump Administration cannot simultaneously claim to be prioritizing U.S. military operations while offering sanction relief to Putin. The solution to a war started by President Trump must not be to reward the adversary helping Iran target American troops,” the Senators wrote. “After the Administration’s authorization, Russia will likely receive billions of dollars in exchange for its oil. Traders and vessels who continued dealing in sanctioned oil will also receive a windfall, incentivizing further evasion.”

The Trump Administration has scrambled to respond to a spike in oil prices after President Trump’s ongoing military strikes halted movement through the Straight of Hormuz.

“As a result, gas prices are skyrocketing for American families. Oil prices increased to over $110 per barrel, and gas prices soared 16 percent since the war started. This was not an unforeseeable consequence,” wrote the Senators. “However, it is clear President Trump had no plan for how military conflict in the Middle East would affect oil prices.”

The Trump Administration removed sanctions on Russian oil despite a law requiring 30 days’ notice to Congress before issuing licenses that significantly alters U.S. foreign policy with regard to Russia.

“We ask that you immediately schedule a hearing to allow Treasury Secretary Scott Bessent to answer critical questions about the 30-day license, how it undermines U.S. sanctions, and the risks posed to American troops,” the Senators concluded.

Read the full letter here. Additional signatories include Senators Elizabeth Warren (D-Mass.), Jack Reed (D-R.I.), Mark Warner (D-Va.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga,), Andy Kim (D-N.J.), Lisa Blunt Rochester (D-Del.), and Angela Alsobrooks (D-Md.).

Last week, the Senator passed her bipartisan bill to prevent businesses from claiming a foreign tax credit or deduction against taxes paid to fund the Russian government’s war machine.

Source: Senator Catherine Cortez Masto