Trump administration temporarily lifts sanctions on Iranian oil at sea amid soaring prices
CBSN
The U.S. Treasury has authorized the purchase of Iranian oil that's already at sea, exempting buyers from the tight sanctions that have restricted the country's oil industry for years — a move aimed at stemming soaring prices amid the U.S.'s war with Iran. In:
The U.S. Treasury has authorized the purchase of Iranian oil that's already at sea, exempting buyers from the tight sanctions that have restricted the country's oil industry for years — a move aimed at stemming soaring prices amid the U.S.'s war with Iran.
The sanctions license allows oil from Iran to be purchased if it was loaded onto a ship by 12:01 a.m. ET on Friday. The authorization lasts until April 19. They do not cover people located in North Korea, Cuba or the parts of Ukraine occupied by Russia.
Treasury Secretary Scott Bessent said Friday the move could free up around 140 million barrels of oil that otherwise would've been "hoarded by China on the cheap," referring to China's status as the largest importer of Iranian oil.
"In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," Bessent said in a statement, casting it as a way of "expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran."
Bessent argued that Iran won't be able to access much of the proceeds from the sales, writing that "the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system."
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