US may ease sanctions on vessels-transporting Russian oil

The United States is looking at easing sanctions against vessels that have been used to ship oil from Russia, Iran, and Venezuela, Reuters reported, citing a U.S. official.

According to the official, the U.S. administration "is considering easing sanctions on so-called shadow fleet vessels that have transported oil and petroleum products from countries including Russia, Iran and Venezuela, in an effort to reduce record-high global freight rates."

In case this is done, companies intending to use these vessels will have to obtain a permit from the U.S. Treasury Department, the agency noted, adding that talks focus on allowing legal oil transportation on previously sanctioned vessels.