Trump administration allows purchase of Russian oil already at sea
CBSN
The U.S. is temporarily greenlighting the purchase of Russian oil that's already at sea, Treasury Secretary Scott Bessent said Thursday, in the Trump administration's latest move to loosen the wartime sanctions that restrict Russia's oil industry as the world grapples with high oil prices. Richard Escobedo, Sara Cook and Haley Ott contributed to this report. In:
The U.S. is temporarily greenlighting the purchase of Russian oil that's already at sea, Treasury Secretary Scott Bessent said Thursday, in the Trump administration's latest move to loosen the wartime sanctions that restrict Russia's oil industry as the world grapples with high oil prices.
The authorization will last one month, and applies to petroleum products from Russia that were loaded onto ships on or before Thursday, according to documents issued by the Treasury.
Bessent said the move will "permit countries to purchase Russian oil currently stranded at sea."
"This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction," he wrote on X.
Some 124 million barrels of Russian oil are currently at sea globally, CBS News has learned.
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