Manila: The importation of oil from Russia, following the temporary lifting of sanctions on Russian crude oil in transit at sea, is currently 'being considered' by the Philippines, as stated by Foreign Affairs Secretary Ma. Theresa Lazaro on Friday.

According to Philippines News Agency, Lazaro made this statement during a virtual press conference after a special Association of Southeast Asian Nations (ASEAN) foreign ministers meeting. She affirmed that Manila is contemplating importing oil from Russia due to persistent global energy disruptions resulting from the ongoing conflict in the Middle East. Lazaro highlighted that the decision would ultimately rest with the Department of Energy, led by Energy Secretary Sharon Garin.

Energy Secretary Sharon Garin noted that approximately 98 percent of the Philippines' crude oil for domestic supply currently originates from the Middle East. This region is critical as most shipments traverse the Strait of Hormuz, a route presently obstructed by Iran.

The United States has temporarily allowed the delivery and sale of sanctioned Russian crude oil and petroleum products loaded on vessels as of March 12, authorizing their shipment for a month, until April 11. This waiver aims to mitigate potential spikes in oil prices, as major oil-producing countries in the Gulf are caught in the crossfires of the U.S.-Israel conflict with Iran.