Washington, May 18 (IANS) The United States has issued a temporary 30-day general licence allowing transactions involving Russian oil currently stranded at sea, Treasury Secretary Scott Bessent said, describing the move as necessary to help “the most vulnerable countries” access energy supplies amid market uncertainty.
“The US Treasury is issuing a temporary general license for 30 days to allow the most vulnerable countries to have access to Russian oil, which is currently stuck in the sea,” Bessent wrote on X.
The Treasury Secretary said the measure was aimed at stabilising global oil flows and ensuring supplies reach countries facing acute energy vulnerability.
“This extension will provide additional flexibility, and we will work with these countries to secure specific licenses as needed,” he said.
Bessent added that the licence would also serve a broader geopolitical objective by limiting China’s access to discounted Russian crude.
“This general license will help stabilize the physical oil market and ensure its flow to the countries most vulnerable in terms of energy,” Bessent said.
“It will also help redirect available supplies to countries most in need by reducing China’s ability to accumulate oil at reduced prices.”
Bessent did not identify the countries that would benefit from the temporary exemption.
The announcement comes amid continuing Western sanctions targeting Russian energy exports following Moscow’s war in Ukraine.
According to reports cited by the Russian state news agency TASS, the licence applies to oil already loaded onto ships from Russia and currently unable to complete transactions due to sanctions.
The Treasury Department had earlier eased some restrictions on March 12 by permitting transactions involving Russian oil and petroleum products loaded before that date. On March 19, Washington updated the licence and imposed additional restrictions on certain Russian regions, as well as on North Korea and Cuba.
That licence expired on April 11. A subsequent Treasury licence issued on April 17 allowed operations involving the sale, transport, and unloading of Russian-origin oil loaded onto tankers before April 17 to continue until May 16, according to the TASS report.
The latest US move is likely to draw attention in major energy-importing nations, including India, which has sharply increased purchases of discounted Russian crude since the start of the Ukraine conflict.
New Delhi has repeatedly maintained that its energy procurement decisions are guided by national interest and energy security requirements.
–IANS
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