The United States Department of the Treasury has issued a temporary authorisation allowing the delivery and sale of Russia-origin crude oil and petroleum products that were already loaded on vessels before March 12, a move aimed at stabilising global energy markets amid rising geopolitical tensions.Announcing the measure, US Treasury Secretary Scott Bessent said President Donald Trump was taking “decisive steps to promote stability in global energy markets” while continuing to counter what he described as the threat posed by the Iranian regime.The Iranian blockage of the Strait of Hormuz has halted nearly one-fifth of the world’s oil supply from reaching global markets, triggering concerns over energy security and price volatility.Earlier, on March 5, the US administration granted a similar 30-day sanctions waiver to India, allowing New Delhi to purchase Russian oil despite existing restrictions.According to Bessent, the Treasury’s latest authorisation permits countries to buy Russian oil currently stranded at sea. The measure, he said, is narrowly tailored and applies only to shipments that were already in transit.“This will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” Bessent said, adding that the step was intended to extend the reach of existing supply and prevent disruptions in global energy markets.The authorisation was issued by the Treasury’s Office of Foreign Assets Control (OFAC) through General License 134.Under the order, transactions necessary for the sale, delivery or offloading of Russian crude oil or petroleum products loaded on vessels on or before 12:01 am EDT on March 12, 2026, will be permitted until 12:01 am EDT on April 11, 2026.The licence also allows activities necessary for safe docking and anchoring of vessels, ensuring crew safety, carrying out emergency repairs, and undertaking environmental protection measures. It further covers maritime services such as vessel management, crewing, bunkering, piloting, registration, insurance and salvage operations.However, the authorisation does not permit any new transactions involving Iranian entities or goods that remain prohibited under US sanctions targeting Iran.Bessent said the move forms part of broader efforts by the Trump administration to keep fuel prices low while maintaining pressure on sanctioned entities.He added that pro-energy policies under Trump had pushed US oil and gas production to record levels, helping bring down fuel costs for American consumers.The Treasury said the recent spike in oil prices was expected to be a short-term disruption and that the measure would ultimately benefit the US economy in the long run.