US Treasury Secretary Scott Bessent announced a temporary 30-day license allowing vulnerable nations to access stranded Russian oil shipments. The move aims to stabilise global crude markets, ease fuel shortages, and redirect supplies to needy countries while limiting China’s stockpiling of discounted Russian crude amid ongoing sanctions and energy tensions.
US Treasury Secretary Scott Bessent announced on X on May 18 that the United States Department of the Treasury is issuing a temporary 30-day general license allowing vulnerable nations to access Russian oil shipments currently stranded at sea.
In his post, Bessent said the move is aimed at stabilising the physical crude oil market and ensuring energy supplies reach countries facing severe energy vulnerabilities. He added that the US government would work with affected nations to provide more specific licenses if required during the temporary period.
According to the Treasury Secretary, the measure is also intended to reroute existing oil supplies toward countries most in need while reducing China’s ability to stockpile discounted Russian crude amid ongoing global energy market tensions.
The announcement comes at a time of heightened geopolitical uncertainty and continued scrutiny over Russian energy exports following Western sanctions imposed after the Ukraine conflict. The temporary license is expected to offer short-term relief to nations struggling with fuel shortages and rising energy costs.
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