Washington, March 13
The United States has temporarily allowed countries to purchase Russian oil stranded at sea, a move that comes days after Washington granted a similar waiver to India as it seeks to stabilise global energy markets amid rising geopolitical tensions.
Treasury Secretary Scott Bessent said the measure is designed to increase the reach of existing oil supplies while limiting financial gains for Russia, since the crude involved is already in transit.
"@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime," Bessent said.
The US Treasury issued a temporary authorisation permitting transactions necessary for the sale, delivery, or offloading of Russian-origin crude oil and petroleum products that were already loaded on vessels before March 12. The measure allows countries to purchase oil that is already in transit and currently stranded at sea because of sanctions-related restrictions.
"To increase the global reach of existing supply, @USTreasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea," Bessent said.
US officials stressed that the measure is limited and applies only to cargoes already loaded onto ships.
"This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction," Bessent said.
The Treasury secretary said the administration believes the temporary rise in oil prices reflects a short-term disruption and that broader energy policies will strengthen supply in the long run.
"President Trump's pro-energy policies have driven US oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," he said.
The decision follows a similar waiver provided to India earlier this week, reflecting Washington's effort to balance sanctions pressure with concerns over global energy supply and price stability.
Energy markets have faced renewed volatility amid geopolitical tensions in the Middle East and concerns about disruptions to oil supply routes and infrastructure. Governments have increasingly sought ways to maintain supply while continuing sanctions pressure on Russia and Iran.
Russia remains one of the world's largest exporters of crude oil and petroleum products. Since the invasion of Ukraine in 2022, the United States and its allies have imposed sweeping sanctions targeting Russian financial institutions, shipping networks, and energy exports.
- IANS
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