US Extends 30-Day Waiver for Russian Oil Purchase Amid Ongoing Iran War
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The United States has extended a 30-day license allowing more countries to purchase Russian oil stranded at sea, as Washington moves to stabilise global energy markets disrupted by the ongoing Iran war.
The US Department of the Treasury said the measure is a short-term step to expand the reach of existing oil supplies without significantly benefiting Moscow.
The temporary authorization applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.
The move comes amid concerns of a spike in energy prices due to the ongoing conflict between Iran and the US-Israel that has also spilt over to other Gulf nations.
There are 9.5 million barrels of Russian oil sitting in Asian waters, and the waiver from the US only applies to Russian products loaded onto vessels before March 5 and expires April 4 at 12:01 a.m. Washington time.
