U.S. Treasury Clears Stranded Russian Oil for Purchase

TLDR

• The US Treasury issued a temporary license allowing sales of Russian oil loaded on vessels as of March 12, 2026.
• The authorization permits docking and offloading operations through April 11, 2026, under strict conditions.
• Officials said the measure aims to stabilize energy markets and limit fuel price increases.
• The license does not allow transactions involving Iran or Iranian-origin goods and services.
• Moscow welcomed the decision and said global markets cannot remain stable without Russian oil.

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The United States has authorized foreign buyers to purchase Russian crude already loaded on tankers at sea. The Treasury Department issued a time-limited license that allows delivery and sale through April 11, 2026. Officials said the move aims to stabilize energy markets as fuel prices climb during the conflict with Iran.

US Issues Temporary License for Russian Oil Cargoes

The Treasury Department’s Office of Foreign Assets Control issued a general license on Thursday. The order permits the sale of Russian oil and petroleum products loaded on vessels as of March 12, 2026. It allows docking and offloading operations through 12:01 a.m. Eastern Daylight Time on April 11, 2026. However, the license excludes transactions involving Iran, its government, or Iranian-origin goods and services.

Treasury Secretary Scott Bessent described the action as a “decisive step” by President Donald Trump’s administration. He said the measure seeks “to promote stability in global energy markets” and “to keep prices low.” He also wrote on X that the step is a “narrowly tailored, short-term measure.” He added that it will not materially benefit the Russian government in financial terms.

Last week, OFAC granted India a 30-day waiver for Russian crude purchases. Oil prices had briefly exceeded $100 per barrel during rising tensions in the Middle East. President Trump said he would consider further steps to limit price increases. Energy Secretary Chris Wright said the oil “is oil on the water that’s waiting in line to unload into China.”

Wright told CNN that the authorization shifts deliveries to India instead of China. He said the move provides a practical solution “to get through these few weeks of tight energy supply.” The Washington Post reported that the license could release about 128 million barrels. Those barrels were already loaded onto tankers targeted under earlier sanctions.

Moscow Welcomes Decision as EU Maintains Restrictions

Kirill Dmitriev, a Kremlin envoy, welcomed the U.S. decision on Telegram. He wrote that “without Russian oil, the global energy market cannot remain stable.” He reposted Bessent’s announcement and said the U.S. lifted restrictions on about 100 million barrels. He added that Russian energy remains essential during the current energy crisis.

Fuel prices across the European Union have increased following U.S. and Israeli strikes on Iran. Europe continues phasing out Russian oil and gas imports over the Ukraine invasion. European Commission President Ursula von der Leyen warned against resuming Russian fossil fuel imports. She said such a move would make Europe “more dependent, vulnerable, and weaker.”

The European Commission’s Directorate-General for Energy issued a supply update. It said member states reported no immediate security of supply risks. The statement confirmed that oil stocks remain high and gas storage levels stay stable. Therefore, EU governments maintain their current sanctions stance.

Meanwhile, Thailand has explored talks to purchase Russian crude. Reports said Thailand previously sourced 50% of its oil through the Strait of Hormuz. The route has faced disruption during the conflict with Iran. The Treasury license remains effective until April 11, 2026.

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