US Launches Emergency Measure for Russian Oil

US Treasury Secretary Scott Bessent announced that a 30-day temporary general license will be issued to allow economically vulnerable countries temporary access to Russian oil stored on the high seas.

According to the announcement, the license will cover countries that currently need to purchase Russian oil shipments held at sea and lack the capacity to meet their energy needs from alternative sources. The measure aims to limit the humanitarian and economic damage that a potential energy crisis could inflict on these countries.

The decision is viewed as not representing a departure from Washington's ongoing economic sanctions policy against Moscow; rather, it is presented as a temporary and limited exception to manage the spillover effects of the sanctions regime on the most vulnerable economies. Bessent emphasized that the license will apply only to countries meeting specified criteria and only for a 30-day period. The US Treasury's temporary general license mechanisms have previously been deployed during humanitarian crises.