Amid rising global crude prices and continued tensions linked to the US war on Iran, the United States has announced a temporary authorisation allowing countries to purchase Russian oil currently stranded at sea, extending a relief similar to the waiver earlier granted to India. The Trump administration said the measure is aimed at stabilising global energy markets as oil prices have surged since the outbreak of war on February 28. ADVERTISEMENTThe US had earlier issued a 30-day sanctions waiver to India on March 5, permitting it to buy Russian oil despite sanctions imposed over the Ukraine war. “To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea,” Bessent said. The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” Bessent said.

Source: The Telegraph March 13, 2026 04:50 UTC