U.S. temporarily authorizes Russian oil purchases to stabilize markets. The Treasury Department has granted a narrow, short-term exemption allowing purchases of Russian crude already in transit at sea, affecting approximately 124 million barrels across 30 global locations. Treasury Secretary Scott Bessent framed this as a temporary measure to address recent oil price volatility, with Brent crude closing above $100 per barrel following geopolitical tensions. The authorization applies only to oil loaded on ships before April 11 and does not provide significant financial benefit to Russia since Moscow derives most energy revenue from extraction taxes. This move follows a similar 30-day waiver granted to India last week. The decision reflects efforts to stabilize energy markets without substantially aiding the Russian government amid ongoing sanctions related to its 2022 invasion of Ukraine.
