The United States has granted temporary permission for countries to buy Russian oil stuck at sea, following a waiver given to India. Treasury Secretary Scott Bessent stated that this move aims to expand existing oil supplies while limiting Russia’s financial gains since the oil is already en route. The US Treasury has authorized transactions for the sale and delivery of Russian-origin oil loaded on vessels before March 12.
This measure allows nations to acquire oil stranded at sea due to sanctions-related constraints. It is emphasized that this authorization is specific and pertains only to cargoes already aboard ships. The US government believes that the short-term rise in oil prices is a temporary disruption and that long-term energy policies will enhance supply.
According to Bessent, President Trump’s energy policies have boosted US oil and gas production, leading to lower fuel costs for Americans. The decision to allow the purchase of stranded Russian oil aligns with efforts to balance sanctions with global energy supply concerns. Amid geopolitical tensions and worries about oil supply disruptions, maintaining energy markets’ stability remains crucial.
