US Treasury Secretary Scott Bessent announced on Thursday that the department is providing a temporary authorization to countries throughout the world to acquire Russian oil that is currently stuck at sea.
According to a statement released on X by Secretary Bessent, the action intends “to increase the global reach of existing supply” while addressing the volatility generated by the Iran war.
The bill extends a 30-day waiver formerly granted only to Indian refiners.
Secretary Bessent emphasized that the authorization “will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.”
The Treasury’s Office of Foreign Assets Control issued the comparable general waiver for Russia on the same day. It specifically restricts the scope to previously loaded shipments and prohibits any new commerce, in accordance with the US’ larger sanctions regime. The decision marks the Trump administration’s latest effort to control oil price volatility. The Strait of Hormuz has been disrupted by recurrent Iranian attacks on oil infrastructure and tankers, resulting in tighter supply routes.
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