US authorizes sale of Russian oil already loaded onto tankers

The United States Department of the Treasury has temporarily lifted restrictions affecting about 100 million barrels of Russian oil currently in transit, according to Kirill Dmitriev.

Dmitriev, who serves as Russia’s presidential envoy for investment and economic cooperation with foreign countries, said the decision effectively acknowledges the importance of Russian energy supplies to the global market.

“The US is effectively recognising the obvious: without Russian oil, the global energy market cannot remain stable,” he wrote on his Telegram channel.

The measure follows a license issued by the Treasury’s Office of Foreign Assets Control (OFAC), which allows Russia to sell oil and petroleum products loaded onto vessels before March 12. The authorisation will remain in force until April 12.

According to Scott Bessent, the license applies exclusively to oil shipments that were already in transit at the time the authorisation was issued. He explained that the measure is intended to expand the range of destinations for existing fuel shipments, rather than to alter the broader sanctions framework.

Chris Wright also emphasised that the decision should not be interpreted as a relaxation of sanctions against Russian energy exports.

Dmitriev nevertheless argued that the worsening global energy crisis could increase the likelihood of additional adjustments to restrictions on Russian energy supplies, despite what he described as resistance from parts of the “Brussels bureaucracy.”

Earlier, on March 5, the US issued a separate 30-day license allowing India to purchase Russian oil that had already been loaded onto tankers, according to the report.

By Tamilla Hasanova