The United States has issued a 30-day license authorizing countries to purchase Russian oil and petroleum products currently stranded at sea. Treasury Secretary Scott Bessent stated this measure aims to stabilize global energy markets, which have been impacted by ongoing geopolitical tensions.
The announcement follows a decision by the US Energy Department to release 172 million barrels of oil from the strategic petroleum reserve, intended to curb soaring oil prices. This release is part of a broader commitment by the International Energy Agency to release 400 million barrels of oil.
Bessent emphasized that the license is "narrowly tailored" and "short-term," designed to avoid significant financial benefit to the Russian government while addressing temporary price disruptions. The authorization covers Russian crude oil and petroleum products loaded on vessels as of March 12 and remains valid through April 11.
This temporary waiver is a strategic step to mitigate the impact of supply disruptions on global energy prices. The US Treasury previously issued a similar waiver for India on March 5, allowing the nation to purchase Russian oil at sea.