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The U.S. on Thursday (March 12, 2026) issued a new Russia-related general license that allows the sale of Russian crude oil and petroleum products loaded on vessels through April 11, according to the Treasury Department website.
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The license, which covers oil and petroleum products loaded on vessels as of March 12, comes a day after the U.S. Department of Energy announced that the U.S. would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran.
That release was part of a broader commitment by the 32-nation International Energy Agency to release 400 million barrels of oil.
Published – March 13, 2026 07:46 am IST
