The US temporarily lifts sanctions on Russian oil stuck at sea

The US has lifted sanctions on the purchase of Russian oil stuck at sea for 30 days.

This was reported by Finance Minister Scott Bessent.

He emphasized that the decision was made to promote stability in global energy markets and keep prices low.

According to the minister, the permit only applies to oil already at sea and will not provide significant financial benefits to the Russian government, which derives most of its energy revenues from taxes collected at the point of production.

The text of the license indicates that it refers to oil loaded onto ships as of March 12. The license allows these deliveries until April 11.

• The permission was granted amid rising oil prices above $100 per barrel due to attacks on ships in the Persian Gulf and the closure of key oil terminals.
• To keep prices down, the International Energy Agency has decided to release 400 million barrels of oil, and the US plans to release 172 million barrels of oil from its strategic reserve.

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