Washington, Mar 13 (V7N) — The United States has temporarily exempted Russia from sanctions, allowing the purchase of Russian crude oil and petroleum products for the next month amid a severe global energy crisis. The US Treasury Department confirmed the decision on Thursday (March 12).

Under the exemption, Russian oil and petroleum products loaded onto ships up to March 12 can be legally bought until April 11. The move, announced by President Donald Trump, aims to stabilize global energy markets and temporarily lifts the ban on Russian fuel.

According to media reports, about 125 million barrels of Russian oil are currently loaded on ships, destined for 30 locations worldwide. This supply is expected to last only 5–6 days.

The exemption comes amid rising energy prices following geopolitical tensions in the Middle East, with crude oil prices recently hitting $120 per barrel. Russia’s invasion of Ukraine in 2022 led the US to impose sanctions on the country’s oil exports.

The Strait of Hormuz, through which roughly 20% of the world’s oil is transported, remains a critical chokepoint. Major oil-exporting countries including Saudi Arabia, United Arab Emirates, Qatar, and Iraq ship their crude and gas through this narrow route. Tensions escalated further when Iran closed the Strait in retaliation to a joint attack by Israel and the United States, fueling fears of a broader energy crisis.

END/SMA/AJ