US Treasury Gives Green Light for Sale of More Russian Oil

The US has issued its second authorization for buyers to take Russian oil already at sea, a move intended to ease growing pressure on prices as the war in the Persian Gulf continues.

Treasury Secretary Scott Bessent, in a social media post, said the move was designed to be a “narrowly tailored, short-term measure” that “applies only to oil already in transit and will not provide significant financial benefit to the Russian government.”

The measure, which applies only to oil loaded before March 12, expands upon a month-long waiver given to India last week, which was intended for crude loaded on ships before March 5. The expanded provision doesn’t allow for Iran to buy the oil.