Khaberni - The US Treasury Department issued a general license allowing for a month's operations of selling Russian oil and petroleum products that were loaded onto ships before March 12, as a step to reduce high energy prices.
The license, issued by the Office of Foreign Assets Control, allows until April 11, deals related to "the sale or delivery or discharge of crude oil or petroleum products exported from the Russian Federation, that were loaded onto any ship, including ships frozen under sanctions, before March 12".
US Treasury Secretary Scott Bisent wrote on the platform "X": "President (Donald Trump) is taking decisive actions to ensure stability in global energy markets and is working to keep prices low".
He added: "To increase global coverage of current supplies, the US Treasury Department is offering a temporary permit for countries to buy the Russian oil currently stranded at sea".
The Western alliance is facing difficulties in maintaining a strict sanctions regime against Russian oil, after a sharp rise in energy prices following the start of the US military operation against Iran on February 28. Axios quoted Cornell University Professor Nicholas Maldar as saying: "It seems that after the conflict in Iran began, there's a shift in the landscape of economic sanctions.. In order to protect themselves from the Iranian economic weapon, the United States is easing the impact of its own economic weapon against Russia".
This decision comes days after Brent crude price neared the $119 per barrel mark, the highest level since June 2022, amid the ongoing war in the Middle East and its impact on energy supplies. The G7 countries are currently discussing coordinating the use of oil reserves to address the sharp rise in prices.
