After India Waiver, US Allows Other Countries To Buy Stranded Russian Oil Amid Hormuz Crisis
The United States has extended sanctions relief on Russian oil purchases beyond India, allowing multiple countries to buy stranded crude in an attempt to stabilise global energy markets amid the escalating Iran conflict.
The move marks a significant expansion of the initial India-specific waiver issued on 5 March.
US Treasury Secretary Scott Bessent announced on Friday (13 March) the broader 30-day waiver, authorising countries to purchase Russian crude and petroleum products loaded on vessels before 12 March.
The licence, valid through 11 April, comes as benchmark Brent crude prices surged above $100 per barrel following Iranian threats to keep the Strait of Hormuz closed.
The waterway typically handles approximately one-fifth of global oil supply.
The decision represents a dramatic reversal for the Trump administration, which had spent months pressuring buyers to cut Russian oil imports. US President Donald Trump confirmed the policy shift on 9 March, stating the US would temporarily lift oil sanctions on "some countries" until the situation "straightens out", though he declined to specify which nations would benefit from the relief.
European Union officials have sharply criticised the move, with Commissioner Valdis Dombrovskis warning that granting sanctions relief to Russia would be "self-defeating" and could reinforce Moscow's capacity to fund its war in Ukraine.
Data shows roughly 124 million barrels of Russian-origin oil remain stranded at sea across 30 locations globally, representing approximately five to six days of global supply.
The waiver follows the closure of the Strait of Hormuz after US-Israeli strikes on Iran, which has disrupted vital Middle Eastern oil flows.
Ship transits through the strait plummeted from 91 vessels on 28 February to just four by 8 March.
Bessent insisted the temporary measure would not provide "significant financial benefit" to the Russian government, as it only authorises transactions involving oil already loaded on tankers.