U.S. issues 30-day waiver for Russian oil amid regional energy crisis

The United States Treasury Department has issued a 30-day waiver allowing the purchase and sale of Russian crude oil and petroleum products currently stranded at sea. This license applies to shipments loaded on or before March 12 and remains valid until April 11. Treasury Secretary Scott Bessent stated the move is intended to stabilize global energy markets impacted by the ongoing conflict involving Iran. Additionally, Washington announced the release of 172 million barrels from the strategic petroleum reserve, contributing to a broader International Energy Agency commitment of 400 million barrels. Russian presidential envoy Kirill Dmitriev indicated that the waiver affects approximately 100 million barrels of Russian crude. The policy change follows recent U.S. and Israeli strikes on Iran that disrupted shipping in the Strait of Hormuz. International energy authorities have characterized the current situation as a significant oil supply disruption.