WASHINGTON (Realist English). The United States has issued a 30-day waiver allowing countries to purchase Russian oil and petroleum products currently stranded at sea, a step the administration says is intended to stabilize global energy markets shaken by the war involving Iran.
U.S. Treasury Secretary Scott Bessent said the temporary measure was designed to ease supply pressures after the conflict in the Middle East disrupted oil shipments through the Strait of Hormuz, one of the world’s most critical energy routes.
Oil prices declined slightly in Asian trading on Friday following the announcement.
The waiver authorizes the delivery and sale of Russian crude oil and refined products that had already been loaded onto tankers as of March 12. According to the license published on the U.S. Treasury Department’s website, the authorization will remain valid until midnight Washington time on April 11.
The move is part of a broader effort by the administration of President Donald Trump to contain surging energy prices after U.S. and Israeli strikes on Iran and Tehran’s subsequent response triggered regional tensions and severely disrupted oil and gas flows through the Strait of Hormuz.
Earlier this week, Washington announced the release of 172 million barrels of crude oil from the U.S. Strategic Petroleum Reserve to help calm markets. The step is part of a wider coordinated action by the 32-member International Energy Agency, which agreed to release a total of 400 million barrels from emergency reserves.
The IEA has warned that the war in the Middle East is creating the largest disruption to global oil supplies in modern history.
Bessent said the waiver was narrowly limited and would not significantly benefit the Russian government financially.
“The temporary rise in oil prices is a short-term disruption that will ultimately benefit the American economy,” he said in a statement posted on social media.
According to reports cited by Fox News, roughly 124 million barrels of Russian oil were being transported or stored at sea across about 30 locations worldwide as of Thursday. The temporary license could provide several days of additional supply to offset the loss of shipments through the Strait of Hormuz.
However, the decision risks complicating Western efforts to limit Moscow’s oil revenues linked to its war in Ukraine.
European Commission President Ursula von der Leyen, speaking after a meeting of G7 leaders, warned that easing restrictions on Russian oil was not appropriate under current circumstances.
Meanwhile, Russian presidential envoy Kirill Dmitriev said he discussed the global energy crisis with a U.S. delegation that included Trump’s special envoy Steve Witkoff and presidential adviser Jared Kushner during talks in Florida.
Washington had earlier issued a similar 30-day waiver on March 5 specifically for India, allowing New Delhi to purchase Russian oil shipments already at sea.
The Trump administration has also taken additional steps aimed at stabilizing energy markets. The president directed the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf region, while the U.S. Navy may escort commercial vessels through the area.
Officials are also considering temporarily suspending the Jones Act — a shipping rule that requires cargo moving between U.S. ports to be transported on American-flagged vessels. A waiver would allow foreign ships to move fuel and agricultural products between U.S. ports, potentially lowering costs and improving supply flows.
“The president is taking every possible action to bring prices down,” White House Deputy Chief of Staff Stephen Miller said in an interview with Fox News.
Trump said earlier this week that higher oil prices could ultimately benefit the U.S. economy, a remark that drew criticism from some lawmakers who accused the administration of prioritizing economic gains over the broader impact of rising energy costs.