Source link : https://las-vegas-news.com/u-s-temporarily-waives-sanctions-on-stranded-russian-oil-as-prices-remain-elevated/
Unlocking Cargoes in Transit (Image Credits: Unsplash)
Washington – U.S. Treasury Secretary Scott Bessent revealed a 30-day exemption from sanctions targeting specific Russian oil shipments already at sea, a measure designed to steady turbulent global energy markets.[1][2]
Unlocking Cargoes in Transit
The Treasury Department issued a general license late Thursday, March 12, authorizing the delivery and sale of Russian crude oil and petroleum products loaded onto vessels before 12:01 a.m. Eastern time that day.[2] This waiver extends through midnight on April 11, providing a narrow window for buyers to access these commodities without violating U.S. restrictions.
Bessent described the action as a “narrowly tailored, short-term measure” that targets oil already in transit, emphasizing it would deliver limited financial gains to Moscow since most Russian energy revenues derive from extraction taxes.[1] Roughly 124 million barrels across about 30 tankers worldwide stood to benefit, equivalent to five or six days of global supply.[1]
Potential buyers, particularly in Asia, gained a quick supply option for refineries facing shortages. Thailand’s deputy prime minister indicated readiness to procure such cargoes.[2]
Surging Prices Spark the Decision
Oil benchmarks rocketed above $100 per barrel this week, with Brent crude settling just over that mark on Thursday after touching nearly $120 earlier.[1] The spike stemmed from escalating conflict in the Middle East, where…
—-
Author : Matthias Binder
Publish date : 2026-03-13 19:28:00
Copyright for syndicated content belongs to the linked Source.
—-
1 – 2 – 3 – 4 – 5 – 6 – 7 – 8