US Allows Limited Russian Oil Sales Amid Gulf Crisis
The United States has issued a temporary sanctions license allowing the sale, delivery, or offloading of Russian crude oil and petroleum products that were already loaded onto vessels on or before 12:01 a.m. Eastern Daylight Time on March 12, 2026. The authorization remains valid until April 11, 2026, as global energy markets react to the widening conflict involving Iran and rising risks to oil supply routes.
US Russian Oil License Details
The new U.S. Treasury general license does not amount to a broader rollback of sanctions on Russian energy. It applies only to cargoes that had already been loaded by the March 12 cutoff and permits transactions needed for sale, delivery, offloading, insurance, crewing, bunkering, docking, and related vessel services. The license also makes clear that it does not authorize wider Iran-related transactions beyond what is specifically covered.
Gulf Crisis Pushes Oil Prices Higher
The move came as oil markets surged following military escalation in the Gulf and growing fears over disruptions to shipping through the Strait of Hormuz. Brent crude settled above $100 a barrel on March 12, its first close above that level since August 2022, while broader financial markets weakened amid concerns about supply shocks, inflation pressure, and prolonged instability in the region.
India Link In Russian Oil Supply
The latest measure follows an earlier India-specific U.S. license issued on March 5, 2026, which had already allowed delivery and sale of Russian-origin crude loaded by that earlier date to Indian buyers. Together, the steps suggest Washington is trying to prevent an immediate energy supply crunch while keeping the broader sanctions framework on Russia in place.
