On 12 March 2026, the US Treasury Department issued a 30-day sanctions waiver allowing all countries to purchase Russian oil and petroleum products that were already loaded and stranded at sea.
This move expands upon a similar temporary waiver granted specifically to India on 5 March 2026. The primary goal is to stabilize global energy markets and curb spiking oil prices following the effectively closed Strait of Hormuz amid the ongoing war with Iran.
The license (General License 134) authorizes transactions for the sale, delivery, and unloading of Russian oil loaded as of 12 March 2026.
The authorization remains valid until 11 April 2026.
It includes ancillary services such as ship management, insurance, bunkering, and piloting.
Impacted Volume: Approximately 30 tankers in Asian waters, carrying roughly 19 million barrels of crude and 310,000 tons of refined products (mainly naphtha and diesel), are now available for purchase.
Oil prices surged above $100 a barrel following Iranian attacks on tankers and the disruption of vital Middle East shipping lanes.
Treasury Secretary Scott Bessent stated the measure is “narrowly tailored” to keep oil flowing without providing a long-term financial windfall for the Kremlin.
India has already reportedly purchased roughly 30 million barrels of Russian oil since the initial waiver was granted to them. Thailand has also expressed readiness to begin talks for purchas
Note by Alessandro Bazzoni