The permit applies only to oil and oil products that were loaded onto tankers before March 12, 2026.
The document says the permits will be valid until April 11. They concern, among other things, oil produced by companies already under strict US sanctions, as well as sanctioned tankers.
The license specifically states that it does not permit any transactions involving Iran or sanctioned goods and services of Iranian origin.
US Treasury Secretary Scott Bessent explained on social media X that to ensure stability in global energy markets, countries were temporarily allowed to buy Russian oil, which is currently at sea. The US did this to “increase the global volume of existing supplies”:
“This highly targeted, short-term measure applies only to oil that is already in transit and will not provide significant financial benefit to the Russian government, which generates most of its energy revenues through taxes levied at the point of production.” – assured the minister.
He is also confident that rising oil prices in the United States – “a short-term and temporary phenomenon that will greatly benefit our country and economy in the long run.”
.@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.
To increase the global reach of existing supply, @USTreasury is providing a temporary…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026
At the time of publication of the newsBrent crude oil is trading above $100 per barrel.
Context
Against the backdrop of the war between the United States and Israel with Iran, shipping through the Strait of Hormuz, one of the most important routes for global oil trade, through which millions of barrels of crude oil and petroleum products pass from the Middle East to Asia, Europe and the United States every day, has practically stopped since March 1. Oil prices began to rise sharply.
On March 6, Bessent said that India had received sanctions relief during the war in Iran. On the same day he informed that The US is considering the possibility lifting sanctions on the oil of the aggressor country of the Russian Federation.
The US Treasury imposed sanctions against the Russian oil companies Rosneft and Lukoil on October 22, 2025. US President Donald Trump explained these restrictions with the hope that they will encourage illegitimate Russian President Vladimir Putin to peace negotiations in Ukraine.
