WASHINGTON: The US Department of the Treasury has exempted from sanctions Russian oil loaded on tankers before March 12, according to a waiv...
WASHINGTON: The US Department of the Treasury has exempted from sanctions Russian oil loaded on tankers before March 12, according to a waiver published by the Office of Foreign Assets Control (OFAC).
Purchases of it are now permitted until 4:01 p.m. GMT on April 11.
This general license is not applicable to any transactions related to Iran.
US Treasury Secretary Scott Bessent said the US government had decided to exempt from sanctions Russian oil and derivatives in order to bring the global prices down by increasing the supply.
He wrote on the X social network that US President Donald Trump "is taking decisive steps to promote stability in global energy markets and working to keep prices low."
"To increase the global reach of existing supply, the US Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea," the US official added.
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