US introduces 'temporary license' solution for access to Russian oil

The US Department of the Treasury has taken a new step toward easing sanctions on Russian oil. In a written statement, US Treasury Secretary Scott Bessent announced that the US has launched a temporary license program for countries in sensitive energy positions to enable access to "Russian oil stranded at sea."

Bessent stated that under the 30-day general license issued by the US Department of the Treasury, these countries will be permitted temporary access to Russian oil.

Bessent expressed that this situation will provide flexibility and that efforts will continue to issue specific licenses to certain countries if needed.

"China's capacity to stockpile discounted Russian oil will be limited"

Bessent noted that the license aims to contribute to the stabilization of the physical crude oil market and ensure that oil reaches the countries most vulnerable in terms of energy supply. The US Secretary also argued that the implementation would reduce China's oil stockpiling capability, stating, "This step will also reduce China's capacity to stockpile discounted oil, helping to redirect existing supply to the countries that need it most."

News Source: 12punto