US Treasury grants 30-day extension for Russian oil access

The United States Department of the Treasury has extended a temporary general license allowing vulnerable countries to access Russian oil in maritime transit for an additional 30 days, Treasury Secretary Scott Bessent said.

In a post on the social media platform X, cited by Caliber.Az, Bessent explained that the measure is intended to provide short-term relief to countries most at risk from energy supply disruptions, while broader arrangements are developed.

.@USTreasury is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea.

This extension will provide additional flexibility, and we will work with these nations to provide…

— Treasury Secretary Scott Bessent (@SecScottBessent) May 18, 2026

“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries,” he wrote.

The license allows eligible countries to continue accessing Russian oil shipments currently at sea, helping to prevent supply shortages and market volatility.

Bessent also noted that the policy is designed to influence global oil distribution patterns. “It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.

By Tamilla Hasanova