U.S. Treasury Secretary Scott Bessent is seen on the White House. File
| Photograph Credit: AP
Amid rising oil costs, the Trump administration has launched a non permanent authorisation to varied worldwide locations to amass Russian oil presently stranded at sea, as there were no instantaneous indicators of an early pause to the U.S. battle on Iran.
The U.S. had granted a the same waiver from sanctions to India to aquire Russian oil as allotment of efforts to frigid down oil costs which were on the upward thrust for the reason that outbreak of battle on February 28.
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“@POTUS is taking decisive steps to promote steadiness in world vitality markets and dealing to retain costs low as we address the threat and instability posed by the terrorist Iranian regime,” US Treasury Secretary Scott Bessent talked about in a publish on X on Thursday (March 12, 2026).
On March 5, the U.S. had issued a 30-day waiver allowing India to aquire Russian oil, having previously imposed heavy sanctions linked to the battle in Ukraine.
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“To lengthen the realm reach of unusual provide, @USTreasury is offering a non permanent authorisation to enable worldwide locations to amass Russian oil presently stranded at sea,” Mr. Bessent talked about.
He talked about this narrowly tailored, non permanent measure applies ideally suited to oil already in transit and can no longer provide significant financial relieve to the Russian authorities, which derives the huge majority of its vitality revenue from taxes assessed on the level of extraction.
“President Trump’s pro-vitality insurance policies maintain pushed US oil and fuel production to file levels, contributing to lower fuel costs for hardworking American citizens. The non permanent lift in oil costs is a non permanent and non permanent disruption that can lead to a broad relieve to our nation and economy within the lengthy-time length,” Mr. Bessent talked about.
Published – March 13, 2026 07:46 am IST
