- The United States has issued a 30-day waiver, allowing countries to purchase sanctioned Russian oil and petroleum products currently stranded at sea without incurring US tariffs.
- This measure, announced by the Trump administration, aims to calm energy markets that have been disrupted by the ongoing Iran war.
- Treasury Secretary Scott Bessent stated the waiver is “narrowly tailored” and “short-term”, asserting it will not significantly benefit the Russian government.
- The licence covers Russian crude loaded on vessels as of 12 March and is valid through 11 April, with oil prices easing in Asia following the announcement.
- The move comes as the International Energy Agency warns the Iran war is causing the biggest oil supply disruption in history, though European Commission president Ursula von der Leyen cautioned against relaxing sanctions on Russia.
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