The administration of US President Donald Trump issued a special temporary license allowing countries to purchase certain volumes of Russian oil and petroleum products currently in maritime tankers. This decision was announced on Thursday and aims to ensure stability in the global oil market amid rising prices and logistical challenges.
This is reported by Kyiv24
Temporary Restrictions and License Conditions
As stated by US Treasury Secretary Scott Bessent, the permit applies exclusively to oil and products already loaded onto vessels by March 12. The license allows for the completion of their deliveries by April 11. The document emphasizes that this measure is short-term and will not significantly increase revenue for the Russian budget, as the main tax revenues for Russia from energy are generated at the extraction stage, not at export.
“To increase global coverage of existing supplies, the Treasury is providing a temporary permit to allow countries to purchase Russian oil that is currently stranded at sea,” wrote Treasury Secretary Scott Bessent on social media platform X.
The license is published on the official website of the US Department of the Treasury and only covers those supplies that are physically already at sea. This step has been taken despite ongoing pressure from the US on Russia to limit funding for its war against Ukraine through sanctions on energy resources.
Reasons for the Decision and International Context
The temporary easing of sanctions occurred against the backdrop of a sharp spike in oil prices, which exceeded $100 per barrel on March 12. Prices rose due to the closure of strategic oil terminals and attacks on vessels in the Persian Gulf. An additional factor was the blockade of the Strait of Hormuz, through which about 20% of the world’s oil is transported, amid escalating conflict between the US, Israel, and Iran in the region.
The White House emphasizes that the permit will not provide Russia with significant profits. Previously, a similar 30-day license was granted to India — also for oil that remained at sea — in order to maintain oil volumes in the global market. The European Commission recently reminded the US of the importance of adhering to restrictions on the supply of Russian oil.
At the same time, the war in the Middle East has been ongoing for the second week, and the Strait of Hormuz is practically closed to tankers. This creates risks for energy security and heightens tensions in the global energy resource market.