Treasury Allows Sale of Russian Oil Already at Sea Until April 11

The Treasury Department on Thursday issued a 30-day license allowing the sale and delivery of sanctioned Russian crude oil and petroleum products that are already loaded on ships, a response to surging energy prices during the Middle East war. Ship & Bunker reported that the Office of Foreign Assets Control’s General License 134 covers cargoes loaded on or before March 12 and is valid until April 11; the license text, as quoted by Interfax-Ukraine, covers oil loaded before 12:01 a.m. Eastern time on March 12.

Interfax-Ukraine said the license authorizes transactions involving the sale, supply or offloading of Russian-origin crude and petroleum products, and that covered activities include docking and anchoring, crew health and safety, emergency repairs, and services such as vessel management, insurance and salvage. Ship & Bunker described related maritime services including bunkering, crewing, vessel management and insurance. Vessels carrying the oil are covered even if they are themselves under sanctions, Interfax-Ukraine reported.

The license has limits. Ship & Bunker noted that it “does not allow any new shipments of Russian oil.” Interfax-Ukraine said it does not authorize other prohibited activities, including those involving Iran.

Treasury Secretary Scott Bessent called the step a “temporary measure” meant to stabilize global energy markets, according to Interfax-Ukraine, which said he described it as addressing “stranded” oil at sea after the blockage of the Strait of Hormuz. Polskie Radio, citing the Polish Press Agency, reported that Bessent said the measure aims to “increase the global reach of existing supply” and that it “applies only to oil already in transit,” so it would not significantly benefit the Russian government, which he said gets most of its energy revenue from taxes at the point of extraction.

It is the second easing in about a week. Polskie Radio said the Treasury on March 5 exempted transactions involving Russian oil already loaded onto ships, but only for buyers in India. Ship & Bunker likewise reported that the U.S. granted India a separate 30-day waiver the previous week to buy Russian oil already at sea.

The decision came as the administration tried several tools at once to ease prices. Ship & Bunker reported that the U.S. and other International Energy Agency members announced a release of 400 million barrels from strategic reserves, and Polskie Radio said the administration also offered to insure tankers. Polskie Radio reported that Bessent called the recent rise in prices a short-term and temporary disruption that he expects to benefit the U.S. economy over the longer term, and that he said U.S. forces, and possibly international ones, would escort tankers through the strait.

The easing runs against the sanctions pressure on Moscow that the U.S. and its allies have maintained since Russia’s invasion of Ukraine. Neither Interfax-Ukraine nor Ship & Bunker reported reactions from Ukrainian or European officials on the day.

Cleary Gottlieb, a law firm, describes the license as a temporary reprieve issued March 12 that expires April 11, 2026.