Russian supertanker Astro Lupus waits to unload its cargo of the first direct shipment of Russian crude oil on July 3, 2002 in the Gulf of Mexico.
Pool | Afp | Getty Images
The U.S. has temporarily authorized the purchase of Russian oil stranded at sea to stabilize energy markets.
U.S. Treasury Secretary Scott Bessent said in a post on X Thursday that this was a “narrowly tailored, short-term measure” that applies only to oil already in transit.
The temporary measure will not provide “significant financial benefit to the Russian government,” Bessent added.
The Treasury Secretary added that this is because the Russian government derives the majority of its energy revenue from taxes assessed at the point of extraction.
A notice on the Treasury’s website said the exemption would cover Russian crude products loaded on ships on or before 12.01 a.m. Eastern time, and purchases are allowed till April 11, 12.01 a.m.
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