U.S. Treasury Secretary: "30-Day Temporary License for Russian Crude Oil Transactions"
Supplying Crude Oil to Energy-Vulnerable Countries
The US Department of the Treasury has taken steps to temporarily allow the supply of some Russian crude oil.
On May 18 (local time), US Treasury Secretary Scott Bessent announced on X (formerly Twitter) that a temporary general license valid for 30 days would be issued, granting the most vulnerable countries limited access to Russian crude oil currently stranded at sea.
He explained, "The general license will help stabilize the physical crude oil market and ensure crude oil supplies to countries with high energy vulnerability."
He added, "By restricting China's ability to stockpile discounted Russian crude oil, this measure will also help reroute existing supplies to the countries that need them most."
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The Treasury Department also stated that, if necessary, it would grant specific licenses to individual countries in connection with this measure.
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