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The decision marks a temporary relaxation of sanctions imposed on Russia following its invasion of Ukraine, even as Washington maintains broader economic pressure on Moscow.
US Treasury Secretary Scott Bessent. (Courtesy: Reuters)
The United States temporarily eased sanctions to allow the delivery and sale of Russian oil currently stranded at sea, describing the move as a limited step aimed at stabilising global energy supplies amid surging prices triggered by the escalating conflict in the Middle East.
In a statement on Friday, the US Treasury Department said it had issued a time-bound licence permitting transactions involving Russian crude oil and petroleum products that were loaded on vessels on or before 12:01 am Eastern Time on March 12. The authorisation will remain valid until 12:01 am on April 11.
The decision marks a temporary relaxation of sanctions imposed on Russia following its invasion of Ukraine, even as Washington maintains broader economic pressure on Moscow.
The move comes against the backdrop of sharp volatility in global energy markets after US-Israeli strikes on Iran intensified regional hostilities and disrupted oil flows.
Activity through the Strait of Hormuz, a vital maritime corridor that handles about one-fifth of global oil shipments, has been severely affected.
US Treasury Secretary Scott Bessent said the authorisation was designed to “increase the global reach of existing supply,” while stressing that it was “a narrowly tailored, short-term measure.”
.@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.To increase the global reach of existing supply, @USTreasury is providing a temporary…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026
He added that the temporary relief would not generate “significant financial benefit” for the Russian government, noting that most of its energy revenues are collected through taxes levied at the point of extraction.
The latest step follows Washington’s decision last week to allow Russian oil stranded at sea to be sold to India, as concerns mounted over supply shortages and rising fuel prices.
Bessent had earlier indicated that the Trump administration was evaluating broader options, including a possible easing of restrictions on certain Russian oil exports, in response to rapidly changing global market conditions.
The widening Middle East conflict has sent shockwaves through energy and transport networks worldwide, disrupting supply and intensifying pressure on governments to prevent further spikes in oil prices.
United States of America (USA)
March 13, 2026, 08:08 IST
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