U.S. authorizes purchases of stranded Russian oil
Change
The Trump administration issued a temporary authorization allowing other countries to purchase Russian oil stranded at sea.
Why it matters
The authorization applies to Russian oil cargoes stranded at sea. It provides a legal route for other countries to buy those cargoes despite U.S. sanction restrictions. A similar waiver of 30 days was issued to India on March 5. The Department of Energy announced a release of 172 million barrels from the Strategic Petroleum Reserve one day before the authorization.
Implications
- • Authorized buyers can finalize transactions for Russian cargoes stranded at sea.
- • The temporary nature of the authorization limits the time window for completing such purchases; a prior waiver to India lasted 30 days.
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