Amid rising global crude prices and continued tensions linked to the US war on Iran, the United States has announced a temporary authorisation allowing countries to purchase Russian oil currently stranded at sea, extending a relief similar to the waiver earlier granted to India.

The Trump administration said the measure is aimed at stabilising global energy markets as oil prices have surged since the outbreak of war on February 28.

The US had earlier issued a 30-day sanctions waiver to India on March 5, permitting it to buy Russian oil despite sanctions imposed over the Ukraine war.

“@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime,” US Treasury Secretary Scott Bessent said in a post on X on Thursday.

Explaining the move, Bessent said the US Treasury is allowing limited purchases of Russian crude that is already in transit.

“To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea,” Bessent said.

He said the decision is a narrowly tailored and short-term measure that applies only to oil shipments already underway and will not significantly benefit Moscow financially.

“President Trump’s pro-energy policies have driven US oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” Bessent said.