U.S. Waives Sanctions on Russian Oil Through April 11


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The United States will waive sanctions on Russian oil 
and petroleum products for a period of 30 days to ease the energy shortage for 
global buyers impacted by the Iran war, the U.S. Treasury said in a policy 
statement.

   The sanctions exemption, announced Thursday (3/12), will cover through April 
11 the sale, delivery and offloading of crude oil and petroleum products of 
Russian origin already at sea, the statement said. Previously, the Treasury had 
announced such a waiver exclusively for Indian buyers of Russian oil.

   Treasury Secretary Scott Bessent added in a post on X that the move was 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 Trump administration has intensified sanctions on Russian oil 
in recent months to pressure Moscow into ending its own four-year war against 
Ukraine.

   Russian presidential envoy Kirill Dmitriev said separately on Thursday that 
the Treasury's move would make available as many 100 million bbls of Russian 
oil -- roughly a day's worth of global supply -- now at sea.

   World energy supplies have been restricted since the start of U.S.-Israel 
war against Iran on February 27, with Tehran effectively blocking the Strait of 
Hormuz -- the Middle East waterway where some 21 million bpd of petroleum 
liquids pass.




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