US grants fresh 30-day waiver for sale of Russian oil

The United States has issued a new 30-day waiver allowing the sale of Russian crude oil already stranded at sea, aiming to stabilise global fuel prices amid escalating tensions in the Middle East.

The waiver, announced by the US Department of the Treasury through its Office of Foreign Assets Control, authorises transactions involving Russian oil loaded on vessels as of March 12, 2026. The measure replaces an earlier 30-day exemption but continues to exclude transactions linked to North Korea, Cuba, and Crimea.

US Treasury Secretary Scott Bessent said the step is intended to ensure the continued flow of oil into global markets during a period of heightened geopolitical instability. He noted that the short-term measure would not significantly benefit the Russian government as it applies only to oil already in transit.

The decision comes as global energy markets face pressure from the ongoing conflict involving Iran and regional powers, which has disrupted supply chains and raised concerns over fuel availability. The United States has maintained sanctions on Russian oil, including major actions in 2025 targeting key companies and vessels linked to what officials described as a shadow fleet.

Earlier, the US had allowed certain countries, including India, to continue purchasing Russian oil to address supply shortages caused by the conflict.

The Middle East crisis has intensified with fresh strikes on energy infrastructure, including attacks on Iran’s South Pars gas field and retaliatory missile launches targeting regional countries, keeping oil and gas assets at the centre of the conflict.