According to a guiding document from the Office of Foreign Assets Control (OFAC) under the US Treasury Department, energy and transportation businesses worldwide are currently allowed to conduct all purchase and sale transactions and payments related to this oil until 4:01 PM (GMT) on April 11.
This is a time-limited technical exemption order, allowing shipments that left Russian ports before the new sanctions take effect to complete the docking process and release goods without violating US law.
This decision was made in the context that the global energy market is under great pressure from many sides. The disruption of operations in the Hoarmuz Strait in the Middle East and tighter sanctions against Venezuela have significantly reduced crude oil supply.
Allowing Russian oil shipments that have been loaded to continue trading helps prevent millions of barrels of oil from being stuck at sea, a factor that could push world fuel prices to skyrocket in the short term.
Although the G7 group previously affirmed its tough stance towards Russia, the US issuance of a temporary immunity order shows Washington's flexible regulatory efforts.
Economic experts believe that the US Treasury Department is trying to balance between the goal of cutting Russia's budget revenue and ensuring energy security for allies. This exemption order helps avoid sudden supply shocks, while maintaining long-term economic sanctions pressure on Moscow's energy industry.
However, observers emphasize that this is not a change in the overall sanction roadmap. After the April 11 deadline, all Russian oil transactions not on the priority list will continue to face strict sanctions.
The issuance of this short-term license is mainly for banks and transportation companies to complete outstanding legal procedures, avoiding causing damage to third parties not directly involved in the conflict.
The latest move by the US Treasury Department reflects the complex problem in managing current economic sanctions. Washington needs to ensure that sanctions are maximally effective but at the same time do not cause negative side effects on the US economy and the global financial system in a sensitive period.
