Published license suspends sanctions on Russian crude oil loaded on ships until Thursday and remains in force until April 11. This is the second similar action since the start of the war against Iran. Earlier, on March 5, the US Treasury Department exempted purchase transactions of Russian oil loaded on ships from sanctions. This exemption only applied to merchants in India.
“To expand the global reach of existing supplies, [Departament Skarbu] grants temporary authorization to purchase Russian crude oil currently offshore. This closely tailored, short-term measure only applies to oil already in transit and will not bring significant financial benefits to the Russian government, which derives most of its energy revenues from taxes collected at the point of extraction,” Treasury Secretary Scott Bessent said in a statement on X.
“A temporary increase in oil prices is a short-term and temporary disruption, which in the long run will bring enormous benefits to our country and economy,” he assured.
This is the next step – after, among others, offering tanker insurance and releasing 174 million barrels of oil from the US strategic reserve – undertaken by the Donald Trump administration to reduce oil prices rising as a result of Iranian attacks on ships in the Strait of Hormuz.
Bessent on Thursday once again announced that U.S. forces — and possibly international forces as well — would escort the tankers through the strait. However, in an interview with Sky News, he declared that he would “absolutely” not advise the president to end the war, regardless of how much prices increase.
The suspension of sanctions on Russian crude oil last year. This week was condemned by Democratic politicians, demanding the annulment of the previous one. The decision was also criticized by, among others, EU Commissioner for the Economy Valdis Dombrovskis.
