The United States granted one temporary 30-day waiver allowing countries to purchase Russian oil already loaded on tankers and stuck at sea due to sanctions. The measurement is approximately 100 million barrels in total, a quantity equal to almost one day of world oil production.
According to reconstructions by international agencies, these are cargoes already on their way and left without buyers after the strengthening of sanctions against Moscow. The decision was made for stabilize the global energy market in a phase of strong geopolitical tension and rising crude oil prices.
US exemption on Russian oil: what it provides
There US temporary license allows the sale of cargoes of Russian oil already in transit on international routes. In practice, tankers that had left Russian ports before the latest restrictions can complete delivery and sell crude to buyers.
In a first phase, the measure was granted to India on March 6, allowing Indian refineries to buy Russian oil already on its way to avoid shocks in the global energy market.
Subsequently the measure was expanded to allow the disinvestment of oil stuck in the sea, with the aim of increase available supply and contain the surge in crude oil prices.
The American authorities have specified that it is a limited and temporary measure, which only concerns oil already loaded on ships and which it is not expected to generate significant new profits for Russia, as most energy revenue comes from production taxes.
Europe fears the weakening of sanctions
However, Washington’s decision has raised concerns concerns in the European Union, where many governments fear that any easing of restrictions could reduce economic pressure on Moscow.
For Brussels, the system of Energy sanctions against Russia remain one of the main tools to limit the Kremlin’s revenues and support the Western strategy in the conflict with Ukraine.
In this context, several European leaders underline that Western unity on sanctions is key to pushing Russia towards credible negotiations and a diplomatic solution to the conflict.
Energy, war and prices: the real reason for the exemption
Behind the American decision weighs above all the global energy crisis linked to tensions in the Middle East and difficulties in maritime transport of oil.
The regional conflict resulted severe disruptions in energy routes and pushed up the price of Brent exceeds 100 dollars a barrel, fueling fears for the stability of the markets.
In this scenario, the exemption on Russian oil is interpreted as one emergency measure to temporarily increase crude oil supply and reduce pressure on international prices.