The US will allow countries to buy Russian oil stranded at sea, as the Trump administration struggles to stabilize rising global energy prices due to its war with Iran.
The temporary measure would apply to cargo already in transit, which US Treasury Secretary Scott Besant said would limit the financial benefit to the Russian government.
The Trump administration is looking for tools to calm global energy markets as oil prices soared above $100 a barrel, levels not seen in four years. Russia has benefited from rising fuel prices, generating additional revenues of $150 million per day.
Consumers in the US have faced rising gasoline prices, which Besant called a “temporary disruption.”
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Washington last week issued a waiver to allow Indian refiners to buy Russian oil already at sea.
The Treasury’s announcement came a day after the US agreed to withdraw 172 million barrels of oil from its Strategic Petroleum Reserve, part of a historic international release of stocks to ease energy markets.
