US authorises purchase of Russian oil already in transit

‘To expand the global reach of existing oil supplies, the Treasury Department has granted temporary authorisation allowing countries to purchase Russian oil currently stranded at sea’. This was announced by Treasury Secretary Scott Bessent on social media, specifying that it is ‘a limited, short-term measure that applies only to oil already in transit and will not provide significant financial benefits to the Russian government, which derives most of its energy revenues from taxes collected at the point of extraction.’