An oil tanker. Stock photo: Ukrainska Pravda
US temporarily lifts sanctions on Russian oil transported by tankers
The US has temporarily allowed the purchase of Russian oil already transported by tankers at sea, granting a 30-day exemption from sanctions restrictions.
Ukrainska Pravda
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The US has lifted sanctions restrictions on the purchase of Russian oil and petroleum products transported by sea tankers for 30 days.
Quote from Bessent: "To increase the global reach of existing supply, the US Department of the Treasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea. This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government."
Details: According to the text of the licence, the US Treasury allows the delivery and sale of Russian oil and petroleum products that had been loaded onto vessels as of 12 March. The licence will remain in effect until midnight on 11 April Washington time.
Background:
US and Israeli strikes on Iran, as well as Tehran's retaliatory actions, have paralysed shipping through the Strait of Hormuz, causing the largest oil supply disruption in history.
On 12 March, over 30 member countries of the International Energy Agency decided to release 400 million barrels of oil from strategic reserves in order to stabilise prices.
US President Donald Trump also instructed the US International Development Finance Corporation to provide guarantees and political risk insurance for maritime trade in the Persian Gulf.
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