The decision was announced by U.S. Treasury Secretary Scott Bessent, who announced a “temporary authorization” allowing countries to buy Russian oil in an effort to stabilize markets hurt by the war with Iran.
He said in a post on the X network.
“To expand the global reach of existing supplies, the U.S. Treasury Department is providing temporary authorization for countries to purchase Russian oil currently at sea. This highly specialized short-term measure applies only to oil already in transit and will not provide a significant financial benefit to the Russian government, which derives most of its energy revenues from taxes levied at the point of production,” the U.S. Treasury chief wrote.
According to Bessent, “President Trump’s pro-energy policies have led to record levels of U.S. oil and gas production” and lower fuel prices.
“The temporary increase in oil prices is a short-term and temporary phenomenon that will greatly benefit our country and economy in the long run,” Bessent said.
