WASHINGTON — March 13, 2026 : The United States has issued a temporary general license authorizing the sale, delivery, and offloading of Russian crude oil and petroleum products currently stranded at sea, providing a 30-day exemption from existing sanctions in an effort to stabilize global energy markets and increase available supply.
The authorization was issued by the U.S. Department of the Treasury through its Office of Foreign Assets Control (OFAC). According to the official license text, the measure applies exclusively to Russian-origin oil cargoes that were loaded onto vessels on or before March 12, 2026, and permits transactions necessary for their sale, transfer, or discharge until 12:01 a.m. Eastern Daylight Time on April 11, 2026.
The exemption allows activities ordinarily incident and necessary to the handling of the cargoes, including docking, anchoring, and maritime operational services required to complete delivery. These services include ship piloting, insurance coverage, bunkering fuel supply, emergency repairs, and other standard maritime support functions needed for vessels carrying the oil to safely reach ports and unload their cargo.
However, the license contains strict limitations. It does not authorize any new loading of Russian oil or petroleum products, and it does not lift broader sanctions imposed on Russian energy exports or remove any sanctioned individuals or entities from U.S. restrictions. The authorization applies solely to cargoes already loaded before the March 12 cutoff date. Additionally, the license explicitly excludes any transactions involving Iran, the Government of Iran, or Iranian-origin goods or services, ensuring that existing sanctions targeting Iran remain fully in place.
Objective: Stabilizing Global Energy Supply
U.S. Treasury Secretary Scott Bessent stated that the temporary authorization was designed to address disruptions in global oil supply resulting from the ongoing conflict involving Iran and the resulting instability in key maritime shipping routes in the Middle East.
In a public statement, Bessent described the waiver as a “narrowly tailored” and “short-term” measure intended to allow oil already in transit to reach global markets. Because the authorization applies only to cargoes that were previously loaded and stranded at sea, U.S. officials maintain that the measure will not significantly increase revenue for the Russian government, which derives the majority of its oil-sector income from extraction taxes rather than downstream transactions.
The waiver was announced after global oil prices surged above $100 per barrel, reflecting concerns about supply disruptions following escalating military operations and maritime security risks in the region. Prices eased slightly in Asian trading after news of the waiver increased expectations that additional crude supply would reach international markets.
Estimated Volume of Oil Affected
Russian presidential envoy Kirill Dmitriev indicated that the waiver could affect approximately 100 million barrels of Russian crude oil currently stranded on tankers worldwide. That volume represents roughly one day of global oil production, making it a potentially significant short-term addition to available supply.
Industry estimates have placed the total volume of sanctioned Russian crude and petroleum products held at sea prior to the announcement in the range of 118 million to 124 million barrels, distributed across numerous tankers and maritime storage locations.
The stranded cargoes accumulated as sanctions restrictions, shipping risks, and insurance limitations complicated deliveries following disruptions to maritime trade routes in the Middle East.
Expansion of Earlier U.S. Waiver
The broader license follows a previous 30-day sanctions waiver issued on March 5, which specifically allowed Indian refiners to receive Russian oil cargoes already loaded on vessels. That earlier authorization permitted deliveries to Indian ports of Russian crude loaded before the specified cutoff date in order to prevent supply shortages caused by shipping disruptions.
The newly announced license significantly expands the scope of the exemption, allowing countries and buyers worldwide to complete transactions involving Russian oil cargoes already at sea rather than limiting the authorization to India alone.
Market and Political Reactions
The policy adjustment represents the second easing of Russia-related oil sanctions within roughly a week, reflecting mounting concerns in Washington over rising energy prices and supply disruptions linked to Middle East instability.
While Russian officials welcomed the measure, several European governments expressed concern that relaxing sanctions—even temporarily—could undermine Western efforts to economically isolate Russia over its ongoing war in Ukraine.
Some countries in Asia, including Thailand, have indicated interest in purchasing Russian crude under the waiver, while other governments have signaled that they will continue adhering to existing sanctions regimes.
Continued Sanctions Framework
Despite the temporary authorization, the United States emphasized that the broader sanctions framework targeting Russian energy exports remains unchanged. The license is limited exclusively to the specified cargoes already loaded before the March 12 deadline and does not permit new Russian oil shipments to be loaded or exported under the exemption.
U.S. officials described the measure as part of a short-term effort to address supply constraints in the global oil market while maintaining the overall sanctions regime related to Russia’s energy sector and its ongoing conflict with Ukraine.
The 30-day authorization is scheduled to expire on April 11, 2026, after which normal sanctions restrictions on the affected cargoes will resume unless further exemptions are issued.
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