United States issues 30-day waiver for Russian oil, excludes Cuba, North Korea and Crimea
Change
United States issued a general license on March 19 authorizing sale of Russian-origin crude oil and petroleum products loaded on tankers by March 12, valid until April 11, while excluding transactions involving North Korea, Cuba and Crimea.
Why it matters
The license confines sanction relief to cargoes already aboard tankers by March 12, so newly loaded shipments cannot use this waiver. It also prohibits any transactions linked to North Korea, Cuba or Crimea, increasing documentation and jurisdictional screening requirements for affected trades.
Implications
- • Commodity traders executing Russian crude purchases must verify and retain proof that cargoes were loaded by March 12 before relying on the license.
- • Bulk oil tanker operators and shipowners must ensure bills of lading and load-date documentation are available to demonstrate qualification under the waiver.
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Source
Topics
International Affairs Policy & Regulation Trade & Tariffs Regulatory Actions Oil & Gas