US Treasury Secretary Scott Bessent announced on Thursday that the department is giving a temporary authorization for countries throughout the world to acquire Russian oil that is currently stuck at sea.
According to Secretary Bessent’s statement on X, the move intends “to increase the global reach of existing supply” while addressing the volatility generated by the Iran war.
The bill extends a 30-day waiver that was previously available only to Indian refiners.
Secretary Bessent stated that the authorization “will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes levied at the point of extraction.”
The Treasury’s Office of Foreign Assets Control issued a general waiver pertaining to Russia on the same day. It specifically confines the scope to previously loaded shipments and prohibits any new commerce, in accordance with the US’ larger sanctions regime.
The decision is the latest effort by the Trump administration to control oil price volatility. Disruptions in the Strait of Hormuz, caused by frequent Iranian strikes on oil infrastructure and boats, have limited supply routes.
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