US eases restrictions, allows Russian oil purchases

The United States has temporarily authorized the sale of Russian oil already at sea, a move prompted by surging energy prices following conflict in the Middle East. The Treasury Department issued a license permitting cargoes loaded by March 12 to be delivered and sold until April 11, expanding a previous waiver initially granted to India. This action marks a temporary easing of sanctions against Russia related to its invasion of Ukraine. Approximately 30 tankers carrying Russian crude and fuel in Asian waters are now potentially available for purchase. The US Energy Department is also releasing 172 million barrels of oil from the strategic petroleum reserve to further curb rising prices. The Treasury Department’s license allows for sales of oil already loaded onto vessels for the next 30 days, globally.