US has issued a new Russia-related general license permitting the sale of Russian crude oil and petroleum products loaded on vessels as of March 12, according to the Treasury website
- US license permits sale of such Russian crude oil and petroleum products until 12:01 AM EDT on April 11th.
Context
The issuance of a new general license by the US allowing the sale of Russian crude oil and petroleum products signifies a shift in the US’s stance toward Russia amid ongoing geopolitical tensions. This development could lead to increased supply in the oil markets, potentially dampening prices as it opens up avenues for Russian oil to be traded, impacting both commodity prices and forex markets, particularly in USD and EUR.
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