The United States has temporarily eased some sanctions on Russian oil shipments already at sea, allowing them to be sold to global buyers as Washington seeks to stabilize energy markets disrupted by the escalating war involving Iran.
The U.S. Treasury Department announced a one-month authorization on Thursday, allowing countries to purchase Russian crude currently in transit until April 11, amid surging oil prices that have climbed above $100 per barrel.
The move comes as the world grapples with what energy officials warn could become the largest disruption to global oil supplies in modern history following the Middle East conflict that erupted after U.S. and Israeli strikes on Iran on February 28.
According to The New York Times, U.S. Treasury Secretary Scott Bessent said the availability of Russian oil currently stranded on vessels could add hundreds of millions of barrels of crude to global markets.
.@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.
To increase the global reach of existing supply, @USTreasury is providing a temporary…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026
Washington has imposed sweeping sanctions on Russia’s energy sector since Moscow launched its invasion of Ukraine in 2022, but the administration said the limited authorization was designed to address an extraordinary disruption in global energy supplies.
“To increase the global reach of existing supply, Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Bessent said.
He added that the measure is narrowly targeted and unlikely to deliver substantial financial benefits to Moscow.
“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” Bessent wrote in a social media post.
Pivotal Moment in Iran War as Oil and Shipping Disruptions Imperil Global Economy
The temporary easing follows a decision last week by the White House to permit India to purchase Russian oil shipments that were already afloat.
President Donald Trump, facing mounting global concern over rising energy prices and disruptions to maritime trade, has also announced a $20 billion maritime insurance backstop through the U.S. International Development Finance Corporation to support shipping in energy markets affected by the crisis.
As part of the coordinated response, the United States will release 172 million barrels from its Strategic Petroleum Reserve (SPR).
The US Department of Energy said the drawdown will begin next week and will take about 120 days to complete, helping offset supply disruptions and ease pressure on energy markets.
The war involving Iran has rattled global energy markets after Tehran targeted commercial shipping in the Strait of Hormuz and launched retaliatory strikes against energy infrastructure in neighboring Middle Eastern states that it accuses of facilitating U.S. attacks.
The International Energy Agency warned Thursday that the conflict could trigger what may become the largest oil supply disruption in modern history if exports from the Gulf region remain constrained.
According to IEA, 32 member countries agreed to release about 400 million barrels from emergency stockpiles.
In its latest Oil Market Report, the Paris-based agency said global oil supply could fall by about 8 million barrels per day (bpd) in March, largely due to the effective closure of the Strait of Hormuz, one of the world’s most critical oil transit routes along the coast of Iran.
Bessent acknowledged that Russia could benefit from the global energy turmoil but suggested any gains would likely be short-lived.
“It’s unfortunate that Russia stands to benefit from the situation in Iran,” Bessent said in a podcast interview cited by The New York Times, adding that he hoped any such advantage would last only for a “micro period.”
Ali Imran is a Washington-based journalist, who has worked for leading world news organizations as a correspondent, expert and in editorial positions. He is a published author and poet.
