The United States has allowed countries to buy sanctioned Russian oil and other petroleum products that are already loaded onto ships. This is a temporary measure meant to ease the financial strain from the ongoing US-Israel conflict with Iran.
Oil prices have climbed above $100 a barrel due to the tensions in the Gulf region.
US Treasury Secretary Scott Bessent said the action would help create stability in the worldwide energy markets. The conflict has disrupted global oil supplies.
This temporary lifting of sanctions applies only to oil currently at sea. It does not affect future oil sales from Russia.
The US aims to prevent major economic shocks as the conflict continues. Energy costs have a significant impact on many countries.