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Bessent noted the temporary measure will not provide “significant financial benefit to the Russian government.”<\/p>\n
The treasury secretary said this is because Moscow gets the majority of its energy revenue from taxes assessed at the point of extraction.<\/p>\n
A notice on the Treasury’s website said the exemption would cover Russian crude products loaded on ships on or before 12.01 a.m. Eastern time, and purchases are allowed till April 11, 12.01 a.m.<\/p>\n
Waiver for India<\/p>\n The move comes after Washington last Thursday granted<\/a> a 30-day waiver to India to buy Russian crude, with Bessent also saying<\/a> that it will not provide significant financial benefit to the Russian government “as it only authorizes transactions involving oil already stranded at sea.”<\/p>\n Speaking in a podcast interview<\/a> released on Friday, Bessent said that it was “unfortunate” that Russia will benefit financially from this move, “but we hope that it will be [for] a micro period.”<\/p>\n He explained that the waiver was given as “the Russian barrels are on the water, and it is a quick source for the Indian refineries.”<\/p>\n The G7 and the European Union have currently imposed sanctions on Russian oil for its invasion of Ukraine in 2022, imposing\u00a0a price cap<\/a>\u00a0of $44.1 per barrel for Russian oil. <\/p>\n The EU has also committed<\/a> to phasing out all remaining oil imports from Russia by the end of 2027. <\/p>\n Back in 2022, then-U.S. President Joe Biden\u00a0had banned the import<\/a>\u00a0of Russian oil, liquefied natural gas, and coal into the U.S.<\/p>\n