- The United States has issued a temporary waiver allowing the sale of stranded Russian oil already at sea.
- The move aims to stabilize global fuel prices amid the ongoing West Asia conflict.
- However, restrictions remain, with transactions linked to North Korea, Cuba, and Crimea still prohibite
The United States has issued a temporary general license on Thursday allowing the sale of Russian crude oil already stranded at sea as of March 12, in an effort to stabilise global fuel prices amid the conflict in Middle East.
The US replaced its earlier 30-day waiver with a new one, but the permission still excludes transactions linked to North Korea, Cuba, and Crimea.
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The Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced Russia-related General License 134A, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 12, 2026."
US Treasury Secretary Scott Bessent, in a statement on the official handle ‘X', stated that the measures have been taken to enable oil to keep flowing into the global market amid the tension. “This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea," Bessent had said.
The allowance for Indian refiners by the US to purchase Russian oil was earlier issued as the country was facing a shortage of fuel due to the ongoing war.
The US has maintained sanctions on Russian oil over a period, with major announcements in 2025 including massive sanctions against top Russian oil companies, and action against 183 'shadow fleet' ships on January 10, 2025.
The Middle East crisis caused by the US-Iran war has escalated with both sides intensifying their strikes. The conflict worsened on Thursday with Israel attacking Iran's South Pars gas field. Iran attacked Qatar and fired missiles at Saudi Arabia in retaliation, keeping oil and gas assets as targets throughout the Gulf.
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