After India, US Grants 30-Day Waiver To More Countries To Buy Russian Oil Amid Iran War
The United States Treasury Department on Thursday said that it is temporarily allowing the sale of Russian oil that is at sea, as global energy prices surged following US-Israeli strikes on Iran that resulted the ongoing West Asia conflict. The decision represents a limited relaxation of sanctions imposed on Russia, which has faced sweeping economic restrictions from United States and its allies over its invasion of Ukraine. Under the waiver issued by the United States Department of the Treasury, Russian crude oil and petroleum products that had already been loaded onto vessels before 12:01 am Eastern Time on March 12 can be delivered and sold until 12:01 am on April 11. The latest measure follows a similar decision by Washington last week allowing Russian oil cargoes stranded at sea to be sold to India. The temporary exemption is aimed at preventing disruptions in global energy supply as markets react to escalating geopolitical tensions. US Treasury Says Measure Is Temporary US Treasury Secretary Scott Bessent said the authorisation was designed to help maintain stability in global energy markets. He said the step was intended to “increase the global reach of existing supply.” However, Bessent emphasised that the measure was limited in scope. He described it as a “narrowly tailored, short-term measure,” adding that it would not deliver “significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.” .@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.To increase the global reach of existing supply, @USTreasury is providing a temporary… — Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026 Earlier, Bessent had also indicated that the Trump administration was considering the possibility of easing sanctions on additional Russian oil supplies. Middle East Conflict Disrupts Global Energy Routes The decision comes as the conflict in the Middle East continues to disrupt global energy and transport networks. The ongoing crisis in the region has severely affected activity in the Strait of Hormuz, a key shipping route through which roughly one-fifth of the world’s oil supply typically passes. The disruption has raised concerns about supply shortages and has contributed to sharp increases in global oil prices.
The United States Treasury Department on Thursday said that it is temporarily allowing the sale of Russian oil that is at sea, as global energy prices surged following US-Israeli strikes on Iran that resulted the ongoing West Asia conflict.
The decision represents a limited relaxation of sanctions imposed on Russia, which has faced sweeping economic restrictions from United States and its allies over its invasion of Ukraine.
Under the waiver issued by the United States Department of the Treasury, Russian crude oil and petroleum products that had already been loaded onto vessels before 12:01 am Eastern Time on March 12 can be delivered and sold until 12:01 am on April 11.
The latest measure follows a similar decision by Washington last week allowing Russian oil cargoes stranded at sea to be sold to India.
The temporary exemption is aimed at preventing disruptions in global energy supply as markets react to escalating geopolitical tensions.
US Treasury Says Measure Is Temporary
US Treasury Secretary Scott Bessent said the authorisation was designed to help maintain stability in global energy markets. He said the step was intended to “increase the global reach of existing supply.”
However, Bessent emphasised that the measure was limited in scope.
He described it as a “narrowly tailored, short-term measure,” adding that it would not deliver “significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.”
.@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.
To increase the global reach of existing supply, @USTreasury is providing a temporary… — Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026
Earlier, Bessent had also indicated that the Trump administration was considering the possibility of easing sanctions on additional Russian oil supplies.
Middle East Conflict Disrupts Global Energy Routes
The decision comes as the conflict in the Middle East continues to disrupt global energy and transport networks.
The ongoing crisis in the region has severely affected activity in the Strait of Hormuz, a key shipping route through which roughly one-fifth of the world’s oil supply typically passes.
The disruption has raised concerns about supply shortages and has contributed to sharp increases in global oil prices.
What's Your Reaction?
