The U.S. Department of the Treasury will extend for one more month the sanctions exemption allowing the sale of Russian oil already loaded onto tankers.
According to Ukrinform, Bessent announced this on Monday on the social media platform X.
According to Bessent, the Treasury Department's Office of Foreign Assets Control is issuing a temporary 30-day general license to allow the most vulnerable countries temporary access to Russian oil currently stranded at sea.
"This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries. It will also help reroute existing supply to countries most in need by reducing China's ability to stockpile discounted oil," Bessent said.
He added that the Treasury Department would work with vulnerable countries "to provide specific licenses as needed."
