Temporarily lifting the sanctions on oil from Russia, a major exporter, comes despite previous US pressure on Russian oil companies as part of a bid to stem the flow of cash funding Moscow’s war in Ukraine, according to the CNN.
The license, posted to the US Treasury site, only applies to Russian crude or petroleum products loaded on vessels as of March 12. The license authorizes those shipments through April 11.
CNN previously reported that the US has granted Indian refiners a 30-day waiver to buy Russian oil currently stranded at sea. Bessent, at the time, said the move was “to enable oil to keep flowing into the global market.”
The war, now in its second week, has seen the Strait of Hormuz, through which one-fifth of the world’s oil travels, effectively closed to tanker travel. Oil prices have jumped, and analysts, economists and traders have warned that even a rapid end to the war won’t necessarily mean a quick re-opening of the strait.
MNA
