The U.S. Treasury Department has announced a 30-day suspension of sanctions on the purchase of Russian oil and petroleum products transported by tankers at sea. This decision aims to enhance global supply amid ongoing disruptions in oil shipping routes.
According to U.S. Treasury Secretary Scott Bessen, the temporary measure permits countries to acquire Russian oil that is currently stranded at sea. He clarified that this limited action applies solely to oil already en route and is not expected to yield significant financial benefits for the Russian government.
The license allows for the delivery and sale of Russian oil and petroleum products loaded onto vessels as of March 12, remaining effective until midnight April 11, Washington time.
Recent events have contributed to this decision, including American and Israeli strikes on Iran and subsequent Iranian responses that have severely impacted shipping through the Strait of Hormuz, leading to unprecedented disruptions in oil supply. On March 5, the U.S. government had already permitted India to purchase Russian oil stranded at sea for a similar 30-day period.
Furthermore, on March 12, over 30 member countries of the International Energy Agency (IEA) agreed to release 400 million barrels of oil from strategic reserves to help stabilize prices. Additionally, President Donald Trump has instructed the International Development Finance Corporation (DFC) to provide guarantees and insurance for political risks associated with maritime trade in the Persian Gulf.
The U.S. Treasury has temporarily lifted sanctions on Russian oil purchases for 30 days to address global supply disruptions. This measure specifically targets oil already in transit and is part of broader efforts to stabilize the market amid geopolitical tensions.