British News Agency

United States (US) Treasury Secretary Scott Bessent announced that the US Treasury Department has introduced a new regulation concerning Russian oil stranded at sea.

Bessent stated that the regulation provides temporary access for the most vulnerable countries, saying, “We are issuing a 30-day general license to allow the most vulnerable countries to access Russian oil stranded at sea.”

Secretary Bessent noted that the regulation would provide flexibility to the markets, stating, “This extension will provide additional flexibility, and we will work with countries on specific licenses as needed.”

Bessent emphasized that the measure aims to stabilize the crude oil market, saying, “This general license will help stabilize the physical crude oil market.”

Bessent also stated that the regulation would contribute to a more balanced distribution of global supply, adding, “It will ensure that oil reaches the countries that need it most.”