Bessent confirmed that the US will extend the authorization to purchase Russian oil for another month
Kyiv • UNN
The US Treasury Department has issued a 30-day license to receive Russian oil stranded at sea. This will help stabilize the market and limit purchases by China.
The US Treasury Department is issuing a temporary 30-day general license to allow the most vulnerable countries to temporarily access Russian oil currently stranded at sea. This was announced by US Treasury Secretary Scott Bessent, UNN reports.
Details
Bessent noted that "extending the deadline will provide additional flexibility, and we will work with these countries to provide specific licenses as needed."
This general license will help stabilize the physical crude oil market and ensure oil delivery to the most energy-vulnerable countries. It will also help redirect existing supplies to the countries that need them most, reducing China's ability to stockpile discounted oil,
Addendum
As UNN reported earlier, the Trump administration did not extend the sanctions waiver that facilitated increased sales of Russian oil, even as the war with Iran heightens fears over global oil supplies and rising fuel prices.