US Treasury Secretary Scott Bessent says his department is issuing a temporary 30-day general license to “provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea”.

“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed,” he says in a post on X. “This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries.”

Bessent adds that the licence will also help reroute existing supply to countries most in need by “reducing China’s ability to stockpile discounted oil”.