Trump administration takes steps to ease sanctions on Russian oil. (File photo) Donald Trump’s administration has issued a temporary authorization allowing countries to buy Russian oil already in transit, as global crude prices rise during the war with Iran, according to the Associated Press (AP).
The move follows an earlier waiver that allowed India to continue buying Russian oil for a limited period. US officials said the move is aimed at stabilizing global energy markets and addressing supply disruptions.
Scott Bessent said the decision was aimed at keeping oil supplies flowing as the conflict continues.
“Trump is taking decisive action to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the Iranian regime,” Bessent said in a post on X.
.@POTUS is taking decisive action to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the Iranian terrorist regime.
To increase the global reach of existing supply, @USTreasury is providing a temporary…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026
The US Treasury said the move allows countries to buy Russian oil that is currently stranded at sea. Officials said the authorization applies only to shipments already in transit.
“To increase the global reach of existing supply, the Treasury Department is granting temporary authorization to allow countries to purchase Russian oil currently stranded at sea,” Bessent said.
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The authorization is limited in scope and time, according to US officials.
Bessent said the move would not provide large financial gains to Russia, noting that most of the country’s energy revenue comes from taxes imposed at the point of oil extraction.
He also said the rise in oil prices was related to the conflict involving Iran.
“The temporary increase in oil prices is a short-term disruption that will result in a benefit to our nation and our economy in the long term,” Bessent said.
