Washington, Mar 13: The Trump administration has announced a temporary authorisation enabling countries to purchase Russian oil currently stranded at sea, aiming to stabilize global energy markets amid rising oil prices and ongoing tensions in the Middle East.
The move follows a similar waiver previously granted to India, which allowed it to import Russian oil despite US sanctions, as part of efforts to mitigate the impact of soaring fuel costs since the outbreak of the conflict on February 28.
US Treasury Secretary Scott Bessent said on X (formerly Twitter) that the decision is intended to promote global energy stability while limiting financial gains for the Russian government. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to Russia, which collects most of its energy revenue at the point of extraction,” he said.
The temporary authorisation expands the reach of existing supply without undermining broader sanctions, Bessent noted. He added that President Trump’s energy policies have driven US oil and gas production to record levels, supporting lower domestic fuel prices, and that the short-term disruption in oil markets will ultimately benefit the US economy.
This latest step underscores Washington’s strategy of balancing sanctions enforcement with global energy market stability, ensuring that critical supply shortages do not exacerbate the ongoing international crises.