US authorises buying sanctioned Russian oil loaded on vessels at sea

13 Mar '26

1 min read

US authorises buying sanctioned Russian oil loaded on vessels at sea

Pic: Shutterstock/Alexey Bakharev

Insights

The US has authorised countries to buy sanctioned Russian oil and petroleum loaded on vessels at sea now to address the economic impact of the war in the Gulf.
Treasury Secretary Scott Bessent said the temporary measure will 'promote stability in global energy markets' during the war and will not provide significant financial benefit to the Russian government.
The authorisation will last until April 11.

The United States recently authorised countries to buy sanctioned Russian oil and petroleum loaded on vessels at sea now to address the economic impact of the war in the Middle East.

US Treasury Secretary Scott Bessent said the temporary measure will "promote stability in global energy markets" during the war. The authorisation will last until April 11.

"This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government," Bessent was quoted as saying by global newswires.

"The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," Bessent added.

Around a fifth of the world's oil usually passes through the Strait of Hormuz.

Asian nations, which are major buyers of oil from the Gulf, have recently announced measures to tackle the fuel crisis.

The Philippines has asked public workers to switch to a four-day working week to save fuel. Whereas, Japan, South Korea and Thailand have announced price caps on petrol prices.

Fibre2Fashion News Desk (DS)

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