The U.S. has granted a 30-day waiver allowing countries to purchase Russian crude oil and petroleum products currently stranded at sea. Officials say the move is intended to stabilize global energy markets, which have been shaken by the war with Iran, Reuters reported.
The U.S. Treasury Department said the temporary license applies to Russian oil loaded onto ships as of March 12. The authorization will remain valid until midnight Washington time on April 11.
As Treasury Secretary Scott Bessent noted, the measure is temporary and targeted, aimed at addressing rising oil prices following recent U.S. and Israeli strikes on Iran and Tehran’s response, which disrupted shipping through the Strait of Hormuz. According to the International Energy Agency (IEA), the current situation in the Middle East represents the largest oil supply disruption in history.
The policy is part of the U.S. government’s effort to limit rising energy costs. Earlier this week, Washington said it would release 172 million barrels of oil from the U.S. Strategic Petroleum Reserve. The release is part of a broader plan by the IEA to supply a total of 400 million barrels to ease shortages.
In early March, the White House also instructed the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf. President Donald Trump said the U.S. Navy could also escort ships in the region.
