U.S. Temporarily Lifts Sanctions on Russian Oil Tankers

The United States has temporarily lifted sanctions on Russian oil that is already loaded on tankers at sea.

U.S. Treasury Secretary Scott Bessent stated this.

According to a license issued by the United States Department of the Treasury, foreign countries are allowed to purchase Russian oil that was loaded onto tankers before March 12 and is currently at sea.

“This limited short-term measure applies only to oil that is already in transit and will not provide significant financial benefit to the Russian government,” wrote Scott Bessent.

The temporary authorization will remain in effect until April 11, unless it is extended.

According to the minister, the administration of Donald Trump took this step to maintain stability in global energy markets, keep fuel prices low, and counter threats from Iran.

Meanwhile, Scott Bessent assured that the move would not bring significant revenue to Russia’s budget.

Previously, amid rising global oil prices due to the war against Iran and its strikes on countries in the Persian Gulf that significantly complicated oil exports from the region, the United States allowed India to resume purchases of Russian oil.

As previously reported, U.S. Navy ships may begin escorting tankers through the Strait of Hormuz by the end of March.

This is intended to protect vessels from drone and missile strikes from Iran. Increasing oil supplies from the Persian Gulf countries is expected to lower global prices.