The
United States has temporarily eased sanctions to allow countries to purchase
Russian oil and petroleum products that are already loaded on vessels at sea,
Treasury Secretary Scott Bessent announced Thursday. The move is intended to
cool global energy markets as crude prices continue to soar following
US-Israeli attacks on Iran.
The
US and Israel launched coordinated strikes on Iran on February 28, prompting
Iranian retaliatory actions across the region. The crisis has effectively
closed the Strait of Hormuz, through which roughly one-fifth of the world's
daily oil supply passes, as Iran restricts transit for vessels from
non-friendly nations. Oil prices have surged nearly 50%, reaching almost $120
per barrel.
"To
increase the global reach of existing supply, US Treasury is providing a
temporary authorization to permit countries to purchase Russian oil currently
stranded at sea," Bessent said in a post on X, stating that the measure
would stabilize energy markets and curb prices.
The
waiver applies to Russian oil loaded onto vessels prior to March 12 and will
remain in effect for 30 days.
Earlier
Thursday, US Energy Secretary Chris Wright said broader restrictions on Russian
oil would not be lifted, emphasizing that Washington was not planning to change
its overall sanctions policy toward Moscow.
Kremlin
spokesman Dmitry Peskov said the easing of restrictions was aimed at
stabilizing the global energy market, adding that in this respect, the
interests of Moscow and Washington align.
Last
week, Bessent claimed the US had given India "permission" to buy
Russian crude "to ease the temporary gap of oil around the world,"
announcing plans to "unsanction other Russian oil" to further boost
supply.
India,
which alongside China emerged as a key buyer of Russian crude after sanctions
were imposed following the escalation of the Ukraine conflict in 2022, has
never confirmed it would adhere to the restrictions, although the US has
previously claimed otherwise. Moscow has likewise said it had no information
suggesting India had put Russian crude imports on hold.
The
Kremlin has condemned the US-Israeli strikes on Iran as a "premeditated
and unprovoked act of aggression" with no justification.