US allows temporary sale of Russian oil stranded at sea to India
The United States has temporarily eased sanctions to permit the sale of Russian oil currently stranded at sea to India. The Treasury Department issued a special license for this transaction, citing the need to maintain global oil supply. Scott Bessent emphasized that the measure is short-term and will not significantly benefit the Russian government. The move comes amid ongoing efforts to pressure Russia over its actions in Ukraine.
What we know
- The US Treasury’s Office of Foreign Assets Control authorized the sale of Russian oil loaded on vessels as of March 5, 2026 to India.
- Transactions are permitted through the end of the day on April 3, 2026.
- Scott Bessent stated the waiver aims to keep oil flowing into the global market without providing major financial benefit to Russia.
- The measure is intended to alleviate energy pressure caused by Iran’s actions, according to Bessent.
- US President Donald Trump previously imposed sanctions on Russian oil majors in November, leading buyers to seek alternatives.
