U.S. Temporarily Allows Sales of Sanctioned Russian Oil Amid Price Surge

▲ U.S. gas station

The U.S. government announced on the 12th (local time) that it will temporarily allow the sale of Russian crude oil and petroleum products.

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued a new general license approving the sale of Russian crude oil and petroleum products that were loaded onto vessels before 12:01 a.m. that day, authorizing transactions through April 11.

The measure comes as oil prices have surged amid escalating conflict in the Middle East following U.S. and Israeli airstrikes on Iran.

Disclaimer: This article is provided for informational purposes only and does not constitute financial, investment, or legal advice.