US "licenses" Russian oil - 30-day waiver of sanctions for its purchase at sea
The United States imposed a 30-day exemption for countries to buy sanctioned Russian oil and petroleum products that are currently stranded at sea, in what Treasury Secretary Scott Bessent called a step to stabilize global energy markets shaken by the Iran war.
The move was the latest effort by President Donald Trump's administration to ease energy prices after U.S. and Israeli attacks on Iran and Tehran's subsequent response escalated regional tensions and paralyzed shipping through the Strait of Hormuz, disrupting vital Middle East oil and gas flows and driving up energy prices.
On Wednesday, Washington announced it would release 172 million barrels of oil from its strategic petroleum reserve in an effort to curb high oil prices after the Iran war. The release was part of a broader commitment by the 32-nation International Energy Agency to release 400 million barrels of oil.
The license issued by Washington on Thursday authorizes the delivery and sale of Russian crude oil and petroleum products loaded on ships since March 12 and is valid until midnight Washington time on April 11, according to the text of the license posted on the Treasury Department's website.
The move reflects White House concerns that rising oil prices after nearly two weeks of US and Israeli attacks on Iran will hurt American businesses and consumers ahead of the November midterm elections, when Trump's Republicans hope to retain control of Congress.
Bessent, in a statement to X a few hours after benchmark oil prices rose above $100 a barrel, said the move was "short-term" and would not provide significant financial benefits to the Russian government.
"The temporary increase in oil prices is a short-term, temporary disruption that will result in a major benefit to our nation and economy in the long run," Bessent said in the statement, echoing Trump.
As of Thursday, there were about 124 million barrels of Russian-origin oil in waters in 30 different countries globally, Fox News reported, adding that the US license would provide about five to six days of supply considering the daily loss of oil from the Strait.
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