US Extends License For Russian Oil Operations

The United States has extended for 30 days a license allowing the purchase of Russian oil that has already been loaded onto tankers, AzerNEWS reports.

The previous authorization expired on May 16.

According to the statement, the extension“will help stabilize the physical crude oil market and ensure energy supplies to the most vulnerable countries.”

A Reuters source reported that the U.S. Treasury Department has also been in discussions with several Persian Gulf countries, whose oil shipments were disrupted amid restrictions linked to tensions around the Strait of Hormuz.

The license was initially issued on April 13 as a measure to ease potential oil shortages on global markets following the escalation of tensions in the Middle East. It was later extended until May 16, and has now been renewed for an additional 30 days.

U.S. Treasury Secretary Scott Bessent said that more than ten countries have requested continued relief from sanctions related to Russian oil exports.

An interesting aspect of this move is that temporary licenses like this are often used as a flexible tool in sanctions policy. They allow policymakers to maintain economic pressure while preventing sharp spikes in global energy prices that could negatively affect even the countries imposing the restrictions.

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