US temporarily allows sale of Russian oil stranded at sea

In a temporary easing of sanctions on Russia's oil, the US Treasury Department issued a new ⁠license allowing the sale of Russian crude oil and petroleum products for 30 days, Report informs via DW.

The oil products must have been loaded on vessels on or before 12:01 a.m. Washington time, March 12 (04:01 GMT/UST March 13), the license text says.

The permit authorizes the sale of petroleum products for 30 days, or until April 11.

The move comes as energy prices soar amid the US-Israel war with Iran.

The Iranian blockage of the Strait of Hormuz has stopped one-fifth of the world's oil supply from reaching global markets.

Announcing the measure, Treasury Secretary Scott Bessent claimed it wouldn't be of much financial help to Russia.

"This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government," Bessent wrote on X.