The President Donald Trump administration has issued a fresh 30-day waiver allowing the sale of Russian oil already at sea in a move aimed at easing mounting pressure on global energy markets.
The new authorization, released on Thursday, March 19, by the U.S. Department of the Treasury, replaces an earlier waiver issued on March 12 and continues to permit transactions involving Russian crude and petroleum products loaded onto tankers before that date.
However, it explicitly excludes transactions involving North Korea, Cuba, and Crimea.
The policy forms part of a broader effort by PresidentTrump’s administration to contain a sharp rise in oil prices triggered by the escalating conflict involving the United States, Israel, Iran, and Gulf states.
The updated general license effectively extends a narrow window for sanctioned Russian oil cargoes already in transit to reach global buyers.
Under the terms, transactions tied to these shipments remain permitted for another 30 days, preventing millions of barrels from being stranded at sea due to sanctions.
However, the Treasury maintained strict exclusions with any dealings involving North Korea, Cuba, or Crimea remaining prohibited due to existing sanctions frameworks targeting those jurisdictions.
Treasury defends “narrow” move to authorize sale of Russian oil
This comes after U.S. Treasury Secretary Scott Bessent described the policy last week as a limited intervention designed to stabilize supply without delivering a financial windfall to Moscow.
“To increase the global reach of existing supply, Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Bessent said.
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He added that the measure is “narrowly tailored” and applies only to oil already in transit, arguing it would not significantly boost Russian revenues.
According to Bessent, most of Russia’s energy income is generated through taxes at the point of extraction rather than at the point of sale, meaning the immediate fiscal impact of allowing these shipments to proceed would be limited.
The administration’s move follows earlier warnings that vast quantities of sanctioned crude were effectively frozen in transit.
“There are hundreds of millions of barrels of sanctioned crude on the water,” Bessent said in a previous interview. “By unsanctioning them, Treasury can create supply.”
The temporary waiver is expected to unlock a significant portion of that volume, adding immediate liquidity to a market already under strain from supply disruptions and rising demand.
Iran crisis
The decision comes amid escalating tensions with Iran, which has disrupted global shipping routes and energy infrastructure.
Oil prices have surged above $100 per barrel this week after Iran moved to close the Strait of Hormuz and launched attacks on tankers, removing significant volumes from global supply chains.
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In parallel, the Treasury has signaled it may take similar action on Iranian oil already at sea. Bessent on Thursday signalled that the United States may soon remove sanctions on Iranian oil stranded on tankers at sea, as Washington seeks to curb soaring prices over Iran’s closure of the Strait
“In the coming days, we may un-sanction the Iranian oil that’s on the water,” Bessent said, estimating roughly 140 million barrels could be released into the market.
“That’s 10 days to 2 weeks of supply, that the Iranians had been pushing out, that would have all gone to China,” he added, suggesting the administration could use Iranian barrels to stabilize prices in the short term.
Meanwhile, energy markets remain on edge despite the intervention, with officials in Saudi Arabia now modelling scenarios in which oil prices could climb to $150-$180 per barrel if disruptions linked to the Iran conflict persist.
The conflict has already driven prices up roughly 50% since late February, with Brent crude recently reaching around $119 per barrel.
