US Treasury issues temporary 30-day general license to provide access to Russian oil

US Treasury Secretary Scott Bessent announced Monday that the department would issue a temporary 30-day general license to allow access to Russian oil stranded at sea.

"This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed," Bessent said on US social media company X.

Bessent also framed the move as part of a broader geopolitical effort to redirect discounted Russian crude away from major strategic competitors, particularly China.

"This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries. It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil," he added.