The US has allowed the sale of Russian oil already at sea: how long will the license be valid?
13 March 09:31
The US Treasury Department has issued a temporary license allowing the sale of Russian crude oil and petroleum products that have already been loaded onto tankers.
The decision was announced by US Treasury Secretary Scott Besent, according to "Komersant Ukrainian".
The document allows transactions involving such oil to be carried out between March 12 and April 11.
Why did the US make this decision?
Washington explains this move as an attempt to
- expand the availability of oil supplies on the market,
- avoid sharp price spikes,
- stabilize global energy markets.
This is happening against the backdrop of escalating tensions in the Middle East and fears of possible supply disruptions.
What exactly does the license allow?
The document does not allow new purchases of Russian oil, but legalizes transactions with cargoes that are already in transit.
In particular, transactions related to the following are permitted:
- mooring and parking of tankers
- crew safety
- emergency repairs
- environmental protection measures
- ship management and crew provision
- insurance, registration, and classification of vessels.
The license also applies to oil produced by Russian companies subject to sanctions.
Will Russia benefit from this?
According to Scott Bessent, the measure is narrow in scope and temporary in nature.
He emphasized that:
the permit only applies to oil that is already being transported and will not generate significant revenue for the Russian government.
Most of Russia’s energy revenues come from production taxes paid within the country.
Demand for Russian oil is growing
Amid risks of supply disruptions from the Middle East, traders in India and China have recently become more interested in Russian oil.
According to media reports, Washington has also granted India a 30-day waiver from sanctions, allowing New Delhi to purchase Russian raw materials.
The Middle East and the Strait of Hormuz
US President Donald Trump has previously stated that the situation with the possible blockade of the Strait of Hormuz could hit other countries harder than the United States.
A significant portion of global oil exports is transported through the strait.
Washington is also considering providing political insurance for tankers in the Persian Gulf to reduce the risks for carriers.
The US administration also does not rule out revising its sanctions policy on Russian oil if necessary to stabilize the global market.
At the same time, Washington emphasizes that the current license is short-term and technical in nature.
