US Grants 30-Day Waiver for Russian Oil Purchases

The U.S. government has temporarily relaxed sanctions on Russian oil purchases at sea to mitigate rising energy prices following the recent Middle East conflict. The move is part of broader efforts to stabilize oil markets while balancing geopolitical and domestic economic concerns.

The Treasury Department’s license allows the delivery and sale of Russian-origin oil loaded on vessels by March 12, valid until April 11. About 124 million barrels of Russian oil were reported at sea across 30 locations globally, representing roughly five to six days of supply through the Strait of Hormuz.

Officials emphasized that the waiver is short-term and limited, intended to ease market disruptions but not significantly increase Russia’s revenues. This marks the latest action by the Trump administration to curb oil prices, following a 172 million barrel release from the U.S. Strategic Petroleum Reserve and a coordinated 400 million barrel release by the International Energy Agency.

The White House is concerned that higher oil prices could impact U.S. businesses and consumers ahead of the November midterm elections. Measures include political risk insurance for maritime trade, potential U.S. Navy escorts, and a temporary waiver of the Jones Act to allow foreign ships to transport fuel between U.S. ports.

Treasury Secretary Bessent called the waiver “narrowly tailored” and emphasized that the price surge is temporary, predicting long-term economic benefits for the U.S. economy.

The waiver could complicate Western efforts to cut Russian revenue for the war in Ukraine and raise tensions with allies. European Commission President Ursula von der Leyen stressed that now was not the time to relax sanctions on Russia.

Meanwhile, Russian envoy Kirill Dmitriev discussed the global energy crisis with a U.S. delegation including Trump’s special envoy Steve Witkoff and son-in-law Jared Kushner, highlighting the complex diplomacy surrounding oil markets.

The U.S. previously issued a similar 30-day waiver for India on March 5, allowing New Delhi to purchase Russian oil stranded at sea.