US Temporarily Allows Purchase of Stranded Russian Oil Amid Rising Prices

US Takes Action on Russian Oil Purchases

Washington: In response to escalating oil prices, the Trump administration has issued a temporary authorization allowing various nations to acquire Russian oil that is currently stranded at sea, as there are no immediate indications of a resolution to the ongoing US-Iran conflict.

Previously, the US had granted India a similar exemption from sanctions to facilitate the purchase of Russian oil, aiming to mitigate the rising oil prices that have surged since the onset of the war on February 28.

US Treasury Secretary Scott Bessent stated on X, "@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime."

.@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.

To increase the global reach of existing supply, @USTreasury is providing a temporary…

— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026

On March 5, the US granted a 30-day waiver to India for purchasing Russian oil, following the imposition of stringent sanctions due to the Ukraine conflict.

Bessent elaborated that this temporary authorization is designed to allow countries to buy Russian oil that is already in transit, emphasizing that it will not significantly benefit the Russian government, which primarily earns from taxes at the extraction point.

He added, "President Trump's pro-energy policies have driven US oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. The temporary increase in oil prices is a short-term disruption that will ultimately benefit our nation and economy in the long run."