The US will allow countries to buy Russian oil stranded at sea, as the Trump administration scrambles to stabilise a rise in global energy prices caused by the war against Iran.
The temporary measure will apply to cargos already in transit, which US Treasury secretary Scott Bessent said would limit the financial benefit to the Russian government.
The Trump administration has been seeking tools to calm global energy markets as the price of oil climbed back above $100 a barrel, a level not seen in four years. The surge in fuel prices has benefited Russia, which has brought in $150mn a day in extra revenue.
Consumers in the US have faced surging petrol prices, which Bessent called a “temporary disruption”.
In a post on X, Bessent characterised the easing of sanctions as a “narrowly tailored, short-term measure” that would “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”.
Washington last week issued waivers to allow Indian refiners to buy Russian oil already at sea.
Treasury’s announcement comes a day after the US agreed to draw down 172mn barrels of oil from its strategic petroleum reserve, part a historic international release of stocks to ease energy markets.
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