US permits operations involving Russian oil on sanctioned tankers
Photo: sanctions on Russian oil were lifted (Getty Images)
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has authorized transactions involving Russian crude oil and petroleum products loaded onto vessels before 12:01 a.m. Eastern Time on March 12, according to the official OFAC website.
General License 134A allows the sale, transport, and unloading of Russian oil, including operations involving vessels under sanctions.
All related transactions are permitted, including docking, anchoring, ensuring crew safety, emergency repairs, and environmental measures. In addition, ship management services, bunkering, insurance, classification, and salvage were greenlighted.
The license applies to oil and petroleum products produced by sanctioned companies from Russia.
At the same time, the document does not apply to transactions involving Iran, North Korea, Cuba, the temporarily occupied territories of Ukraine, or Crimea.
Russia’s oil revenues
The Financial Times reported that the closure of the Strait of Hormuz and a sharp rise in oil prices are bringing up to $150 million in additional daily revenue to Russia’s budget.
In addition, Ukrainian President Volodymyr Zelenskyy revealed a so-called barter arrangement between Moscow and Tehran. In particular, Russia supplies Iran with weapons and uses energy revenues to support the Iranian regime, posing a threat to security in the Middle East.
The Ukrainian President said that Russia earned around $10 billion in just two weeks of the conflict in the Middle East. He stressed that this is encouraging Putin to continue the war.
At the same time, revenues to Russia’s federal budget from oil and gas taxes are expected to fall by 52% in March to $6.4 billion compared to last year.
