Washington, United States – The United States has issued a temporary waiver allowing countries to purchase certain Russian oil supplies currently stranded at sea. The move aims to ease soaring global oil prices amid Middle East supply disruptions.
Okay News reports that Treasury Secretary Scott Bessent disclosed the measure early Friday. The waiver applies specifically to Russian-origin oil shipments already in transit across global waters but unable to reach buyers due to existing sanctions.
Bessent stated the authorization was designed to temporarily expand available supply while limiting financial gain for Moscow. The measure applies only to oil already moving through international waters. It will not provide significant financial benefit to the Russian government, which derives most energy revenue from taxes at the point of extraction.
Bessent also said the recent spike in oil prices was temporary. He claimed President Trump’s pro-energy policies have driven US oil and gas production to record levels. The temporary price increase represents a short-term disruption that will result in massive long-term benefit to the American economy.
In March 2022, then President Joe Biden announced a ban on Russian oil imports after Russia invaded Ukraine. However, the latest Middle East crisis has forced global leaders to look to Russian supplies to stabilize energy markets.
Earlier, the US issued a 30-day waiver on March 5 specifically for India. The broader waiver comes days after Russian President Vladimir Putin held a call with Donald Trump presenting proposals to achieve a quick settlement to the war.
Oil surged to more than $119 per barrel on Monday, its highest level since mid-2022. Prices briefly dropped to about $91 the following day but rebounded quickly. As of Friday morning, Brent crude futures traded at $99.85 per barrel, while West Texas Intermediate crude stood at $95.05.
Two days ago, the International Energy Agency announced plans to release 400 million barrels of oil from strategic reserves to ease the global supply shortage.
Russia’s crude oil exports declined by 410,000 barrels per day in February to about 4.2 million barrels per day. Oil and fuel export revenues dropped by $1.5 billion month-on-month to $9.5 billion, the lowest level since 2022.
About 124 million barrels of Russian-origin oil were stranded on water across 30 different locations globally as of Thursday, awaiting buyers or regulatory clearance.
