U.S. allows temporary purchases of Russian oil already at sea to stabilize energy markets
Russian supertanker Astro Lupus awaits unloading the cargo of the first direct shipment of Russian crude oil to the Gulf of Mexico on July 3, 2002.
Pool | Afp | Getty Images
The United States on Thursday temporarily allowed the purchase of Russian oil stranded at sea to stabilize energy markets.
U.S. Treasury Secretary Scott Bessent said in a post on X that this was a “narrowly tailored, short-term measure” that only applied to oil currently in transit.
According to information obtained by CNBC, as of March 12, there are approximately 124 million barrels of Russian oil at sea in 30 locations around the world; This amount is enough for approximately five to six days’ supply.
“The temporary increase in oil prices is a short-term and temporary disruption that will provide great benefit to our country and economy in the long term,” Bessent said. he said.
Oil prices have fluctuated sharply since the start of the Iran war, with oil reaching nearly $120 a barrel on Monday.
Global benchmark Brent closed just above $100 a barrel on Thursday after Iran’s new supreme leader Mojtaba Khamenei vowed to keep the Strait of Hormuz closed.
Bessent stated that the temporary measure would not provide “significant financial benefit to the Russian government.”
The treasury minister said this was because Moscow gets most of its energy revenue from taxes accrued at the point of extraction.
In the announcement on the Treasury’s website, it was stated that the exemption will cover Russian raw products loaded on ships at or before 12.01 Eastern time, and purchases will be allowed until 12.01 April 11.
The G7 and the European Union are currently imposing sanctions on Russian oil over its invasion of Ukraine in 2022. price ceiling 44.1 dollars per barrel in Russian oil.
EU also committed Phase out all remaining oil imports from Russia by the end of 2027.
Then-US President Joe Biden in 2022 had banned imports Transfer of Russian oil, liquefied natural gas and coal to the USA
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