The U.S. government issued a limited special license allowing certain countries to temporarily purchase Russian oil. This measure was introduced amid rising global oil prices and escalating war tensions with Iran.
Reports state that Brent crude oil prices closed above $100 per barrel for the first time since August 2022, while prolonged conflicts have impacted key global energy shipping routes.
U.S. Treasury Secretary Scott Bessent said the measure is a temporary authorization to help clear oil supplies stranded at sea. He stated on social media, "To increase access to oil supplies in the global market, the U.S. Treasury has issued temporary licenses allowing countries to purchase Russian oil currently stranded at sea."
However, Bessent emphasized that this measure is limited in scope and short-term, applying only to oil already loaded onto ships. It will not provide significant financial benefit to the Russian government, as Russia’s main energy revenue comes from taxes collected during extraction.
The license, published on the U.S. Treasury website, covers only Russian crude oil or petroleum products loaded onto vessels by 12 March and permits transactions or transport until 11 April.
This move comes as the war between Iran and its opponents enters its second week, significantly disrupting oil tanker navigation through the Strait of Hormuz, which carries about one-fifth of the world’s oil supply.
This situation has caused a rapid rise in global oil prices, while analysts, economists, and energy traders warn that even if the war ends quickly, it does not guarantee an immediate reopening of shipping lanes through the Strait of Hormuz.
. CNN
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