US EditionU.S. allows temporary purchases of Russian oil already at sea to stabilize energy markets
The U.S. issued a 30-day waiver allowing purchase of Russian oil stranded at sea to ease supply shocks from Strait of Hormuz disruptions, stabilizing markets amid Middle East conflict.
- On March 12, the U.S. Treasury's Office of Foreign Assets Control issued a 30-day licence authorising sale and delivery of Russian-origin crude oil loaded on vessels through April 11.
- Amid U.S.-Israeli strikes on Iran that disrupted the Strait of Hormuz, the International Energy Agency agreed to release 400 million barrels and the U.S. 172 million barrels to steady markets.
- Bessent described the measure as 'This narrowly tailored, short-term measure', noting it covers docking, crewing, insurance and vessel services while Brent crude fell 0.38% to $100.10, WTI dropped 0.58% to $95.17, and bitcoin jumped to just below $72,000.
- Opponents, including Sen. Jeanne Shaheen, argued the move could enrich Vladimir Putin and weaken sanctions, criticizing the White House's decision ahead of the November midterm elections.
- Previously, the U.S. issued a March 5 waiver allowing India to buy Russian oil, and Kirill Dmitriev met U.S. envoys in Florida as CREA found Moscow gained 6 billion euros.
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Kremlin spokesman Dmitry Peskov told reporters on Friday that the world is currently facing a serious energy crisis and in such circumstances it is impossible to stabilize the market without large quantities of Russian oil.
US relaxes Russia oil curbs as war drives prices up
The United States has temporarily eased sanctions on Russian petroleum exports in an effort to calm surging global energy prices driven by the war involving the United States, Israel and Iran. Washington issued a 30 day waiver allowing countries to purchase Russian oil and petroleum products that are currently stranded at sea. The move is […] The post US relaxes Russia oil curbs as war drives prices up appeared first on Modern Diplomacy.
The US Ministry of Finance has announced the temporary authorization of the sale of Russian oil stored on ships. The Jubilee Kremlin. Washington announced Thursday the authorization
US issues 30-day waiver for Russian oil shipments stranded at sea
The United States issued a 30-day waiver for countries to buy sanctioned Russian oil and petroleum products currently stranded at sea, in what Treasury Secretary Scott Bessent said was a step to stabilise global energy markets roiled by the Iran war. Oil prices eased on Friday morning in Asia after the US waiver announcement, which, according to Russia's presidential envoy Kirill Dmitriev, would affect 100 million barrels of Russian crude, equ…
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