WASHINGTON, May 18. /TASS/. The temporary easing of American sanctions on Russian oil supplies is aimed at stabilizing the global energy market, US Treasury Secretary Scott Bessent stated.
"This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries," he noted on the X social network, commenting on the US Treasury's decision to exempt from sanctions for 30 days the supply of oil loaded onto ships from Russia to ensure "the most vulnerable countries" have access to energy.
"It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil," Bessent believes.
On March 12, the US Treasury Department lifted sanctions on transactions involving the sale of Russian oil and petroleum products loaded onto vessels before that date. On March 19, it updated the license, adding provisions that prohibited transactions involving several regions of Russia, as well as North Korea and Cuba. That license expired on April 11. On April 17, the US Treasury Department issued another license allowing, until May 16, transactions for the sale, transportation, and unloading of Russian-origin oil and petroleum products loaded onto tankers prior to April 17.