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US Grants Temporary Authorization for Russian Oil Access
(MENAFN) The US Treasury Department has announced a temporary 30-day general license allowing access to Russian oil that has been stranded at sea, according to reports and Treasury Secretary Scott Bessent.
Bessent said the measure is intended to provide short-term flexibility, adding that Washington will coordinate with affected countries to issue additional specific licenses if necessary.
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed,” he said on X.
He also framed the decision as part of a broader geopolitical strategy aimed at redirecting discounted Russian crude flows and improving global supply distribution.
According to Bessent, the move is intended to help stabilize physical crude markets and ensure oil reaches energy-vulnerable countries.
“This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries. It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.
Bessent said the measure is intended to provide short-term flexibility, adding that Washington will coordinate with affected countries to issue additional specific licenses if necessary.
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed,” he said on X.
He also framed the decision as part of a broader geopolitical strategy aimed at redirecting discounted Russian crude flows and improving global supply distribution.
According to Bessent, the move is intended to help stabilize physical crude markets and ensure oil reaches energy-vulnerable countries.
“This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries. It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.
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