WASHINGTON: The United States has issued a licence letting countries buy more Russian oil that’s already been loaded on tankers, part of the White House’s push to prevent prices from surging.
The temporary authorisation, which applies to Russian crude that would otherwise be sanctioned, comes after a previous waiver expired April 11. It applies to crude that was loaded onto tankers on or before April 17, the Treasury said in a statement.
It marked a shift from Treasury Secretary Scott Bessent’s comments earlier that the United States would not renew general licences that allowed for the temporary sale of certain Russian and Iranian crude.
Oil prices have soared since the war in Iran began, driving fuel prices at the pump globally, including gasoline in the United States. The conflict has led to the effective closure of the Strait of Hormuz, the world’s most important energy-shipping channel where about a fifth of the world’s oil flows.
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