US Treasury Temporarily Eases Russian Oil Purchases

May 18, 2026

53 min

May 18, 2026 22:30

US Treasury eases purchase of Russian oil in move to stabilise markets

## Temporary License for Russian Oil

The US Treasury Department has introduced a temporary 30-day general license to facilitate the purchase of Russian oil stranded at sea. This measure aims to stabilize global crude markets and ensure that oil reaches countries facing energy shortages.

## Redirecting Oil Supply

The initiative seeks to redirect oil supplies away from China, which has been stockpiling discounted Russian oil, and towards nations most in need. Treasury Secretary Scott Bessent announced the decision, emphasizing the importance of stabilizing the physical crude market.

## Context and Criticism

This move comes amid ongoing international sanctions on Russian energy exports due to the conflict in Ukraine. While some view the decision as a necessary step to prevent oil price spikes and address humanitarian needs, critics argue it may inadvertently support Russia's economy.

## Broader Economic Strategy

Under President Donald Trump's second administration, the US has balanced sanctions with pragmatic measures to manage energy markets and inflation. Scott Bessent, confirmed as Treasury Secretary in January 2025, plays a key role in these economic strategies.

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