"This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government. Treasury Secretary Scott Bessent stated this regarding the 30-day license authorizing the sale of Russian petroleum products, emphasizing the temporary and limited nature of the sanctions easing."
"India reportedly snapped up 30 million barrels of Russian oil in a day following the March 5 waiver. By Tuesday, March 10, Russian crude held on tankers fell to 118.3 million barrels from 132.9 million barrels at the end of February, suggesting cargoes were moving to buyers fast."
"The Iran war isn't only distracting global attention from Russia's war on Ukraine, but many believe Russia will also directly profit from the increasing energy prices, despite sanctions. Oil market analyses since the start of the US-Israeli war with Iran have pointed to benefits for Russia."
The US Treasury Department granted a temporary 30-day license permitting the sale of Russian crude oil and petroleum products loaded on vessels before March 12, 2024, expiring April 11. This measure applies only to oil already in transit and Treasury Secretary Scott Bessent stated it would not significantly benefit the Russian government. The policy shift follows a similar waiver granted to Indian refiners on March 5 to purchase Russian oil from tankers. India, the world's third-largest oil importer, had agreed to halt Russian oil purchases under US pressure but rapidly acquired 30 million barrels in one day after the waiver. Russian crude held on tankers decreased from 132.9 million barrels in late February to 118.3 million barrels by March 10, indicating rapid cargo movement. The licenses emerge as energy prices surge due to the US-Israeli conflict with Iran and Iranian blockade of the Strait of Hormuz, which restricts one-fifth of global oil supply.
Read at www.dw.com
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