WASHINGTON, D.C. — The U.S. Treasury Department announced a 30-day waiver on sanctions preventing purchase of already-loaded Russian oil at sea. The temporary sanctions waiver will last until April 11.

"The short-term measure was aimed at promoting stability in global energy markets," U.S. Treasury Secretary Scott Bessent said. Bessent said the move addressed the "instability posed by the terrorist Iranian regime."

The waiver aims to free up Russian cargoes stranded at sea and ease supply shortages caused by the war with Iran. The move is expected to affect about 100 million barrels of Russian oil currently in transit.

Attacks on ships and energy infrastructure occurred in the Gulf. Three cargo ships were attacked in the Gulf, and the Strait of Hormuz was effectively closed. About a fifth of the world's oil typically passes through the Strait of Hormuz. Tankers have been stranded for roughly two weeks due to violence in the Gulf.

"This easing alone by the United States could provide Russia with about $10 billion for the war" and "This certainly does not help peace," Ukrainian President Volodymyr Zelenskyy said.

French President Emmanuel Macron said that the Strait of Hormuz's shutdown "in no way" justified lifting the sanctions on Russia. Macron said the U.S. waivers are "limited" and "taken on an exceptional basis" and do not broadly or permanently roll back the sanctions that they decided to apply.

Oil producers have started cutting output due to the Strait of Hormuz disruption. The International Energy Agency pledged to release a record 400 million barrels of oil, including 172 million barrels contributed by the U.S.

Russian oil exports in February were at their lowest level since the full-scale invasion of Ukraine began in 2022. In August, Washington imposed a 50% tariff on oil imports from India. Much of the sanctioned oil was left on tankers off the coast of India and other Asian countries, with traders searching for buyers.

Russia said it has around 100 million barrels of oil at sea. This amount is less than a single day's global oil demand of 104 million barrels. Oil prices remained around $100 a barrel.