US Treasury Issues 30-Day License to Allow Sale of Russian Oil Stranded at Sea

Treasury Secretary Scott Bessent said the move aims to promote stability in global energy markets amid the ongoing conflict with Iran.

The Liberian-flagged oil tanker Ice Energy (L) transfers crude oil from the Russian-flagged oil tanker Lana (R) (former Pegas), off the shore of Karystos, on the Island of Evia on May 29, 2022. Angelos Tzortzinis/AFP

The U.S. Treasury Department issued a license on March 12 temporarily permitting countries to buy Russian crude oil and petroleum products that are currently stranded at sea.

The license, valid until April 11, authorizes the delivery and sale of Russian crude oil and petroleum products that had already been loaded onto ships as of March 12, according to a document released by the Treasury Department’s Office of Foreign Assets Control (OFAC).