Washington DC [US], May 18 : US Secretary of Treasury Scott Bessent on Monday stated that his Department is issuing a temporary 30-day general license to provide "the most vulnerable nations" with the ability to temporarily access Russian oil currently stranded at sea.
In a post on X, he said this extension will provide additional flexibility. "We will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries," he said.
"It will also help reroute existing supply to countries most in need by reducing China's ability to stockpile discounted oil," he added.
The announcement comes tafter the previously issued 30-day waiver expired
On May 16, the previous waiver for Russian at-sea oil expired. Initially granted in March, the temporary exemption was designed to buffer global fuel supplies by permitting transit-bound cargoes to reach international buyers despite active sanctions.
This will be the third such extension since the West Asia conflict started on February 28.
India has said that its decisions on the purchase of oil are guided by interests of its people and also a commercial sense.
Addressing the regular inter-ministerial briefing on Monday in the wake of supply disruptions caused by West Asia conflict, Sujata Sharma, Joint Secretary (Marketing & Oil Refinery), Ministry of Petroleum & Natural Gas, said India has been we have been purchasing from Russia "before waiver also, during waiver, and now also".
"Regarding American waiver on Russia, I would like to emphasise that we have been purchasing from Russia before waiver also, during waiver, and now also. It is basically the commercial sense which should be there for us to purchase... There is no shortage of crude. Enough crude has been tied up repeatedly, and whatever waiver or no waiver, it will not affect our supplies," she said
Energy markets have experienced sustained volatility following a series of kinetic strikes tied to the broader West Asian crisis, sparking widespread fears of disruptions to global energy distribution networks.