US lifts sanctions on Russian oil for a month

The US has lifted sanctions on Russian oil for a month. This decision applies to oil loaded onto tankers by March 12, according to a general license issued yesterday by the US Treasury Department.

The relief measure will remain in effect until April 11. It does not apply to transactions involving Iran.

According to US Treasury Secretary Scott Bessent, this move is aimed at strengthening stability in global energy markets and will lower oil prices by increasing supply. He noted that US President Donald Trump is "taking decisive steps to promote stability in global energy markets and is working to keep prices low".

"To increase the global reach of existing supply, Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea",

Scott Bessent said.

He described the license as a "narrowly tailored, short-term measure" that would not result in substantial revenue for Russia.

"This measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government",

Scott Bessent said.