Washington: In a temporary easing of sanctions against Russia's oil exports, the US Treasury Department has issued a new license allowing the sale of Russian crude oil and petroleum products for a 30-day period. The oil products in question must have been loaded onto vessels on or before 12:01 a.m. Washington time on March 12.

According to Deutsche Welle, this permit authorizes the sale of petroleum products until April 11, as energy prices continue to soar due to the ongoing US-Israel conflict with Iran. The Iranian blockage of the Strait of Hormuz has significantly disrupted global oil supply, halting one-fifth of the world's oil from reaching international markets. Announcing the measure, Treasury Secretary Scott Bessent stated that the decision is unlikely to provide substantial financial benefits to Russia, emphasizing that it only applies to oil already in transit.

In a similar move, the US Treasury recently issued a 30-day waiver allowing Indian refiners to purchase Russian oil that was already loaded onto tankers. This decision marked a notable shift in US policy, as just a month earlier, India had agreed to halt oil purchases from Russia following pressure from US President Donald Trump. India reportedly secured 30 million barrels of Russian oil in a single day, highlighting the rapid movement of cargoes to buyers, as noted by CNBC, citing Kpler trade data.

The ongoing US-Israel war with Iran has inadvertently benefited Russia by distracting global attention from its actions in Ukraine and potentially allowing it to profit from the rising energy prices, despite existing sanctions. European Council President Antonio Costa recently stated that Russia is the primary beneficiary of the current conflict, gaining new resources to finance its war against Ukraine as energy prices surge. Kremlin spokesperson Dmitry Peskov has affirmed Russia's status as a reliable supplier of oil and gas, including LNG, while analyst Igor Yushkov from Russia's Financial University suggested that the conflict in the Strait of Hormuz has created favorable conditions for Russia's energy export revenues.