The United States has issued a 30-day sanctions waiver allowing countries to purchase sanctioned Russian oil and petroleum products currently stranded at sea, aiming to stabilize global energy markets shaken by the war involving Iran. The decision was announced on Thursday by U.S. Treasury Secretary Scott Bessent.
The waiver permits the delivery and sale of Russian crude loaded onto vessels on or before March 12 and remains valid until midnight Washington time on April 11, according to a licence posted by the U.S. Department of the Treasury.
Officials said the move is intended to ease supply shortages and curb surging oil prices after disruptions to shipping through the Strait of Hormuz following U.S. and Israeli strikes on Iran. Benchmark oil prices briefly rose above $100 per barrel before easing after the announcement.
Russian presidential envoy Kirill Dmitriev said the waiver could affect roughly 100 million barrels of Russian crude, nearly equal to a day’s global oil output. The measure marks the second recent easing of Ukraine war-related sanctions by the administration of Donald Trump.
Bessent described the decision as a “short-term and narrowly tailored” step designed to stabilize markets without providing major financial gains to Moscow.
However, the policy has drawn criticism from European allies. Ursula von der Leyen of the European Commission said now was not the time to loosen pressure on Russia amid its war in Ukraine, while Britain’s energy minister Michael Shanks said the United Kingdom would maintain its sanctions.
The move follows talks between Trump and Russian President Vladimir Putin earlier this month and discussions in Washington on the growing global energy crisis.
Some countries are already responding to the opening. Thailand said it is preparing discussions to potentially purchase Russian crude under the waiver.
Meanwhile, Washington is considering additional steps to stabilize supplies, including maritime security support in the Gulf and possible adjustments to domestic shipping rules to keep energy and agricultural products moving across U.S. ports.