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US Relaxes Russia Oil Sanctions to Counter Middle East Oil Supply Shock
People’s Financial News, March 13 — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a general license later on the evening of March 12, announcing a temporary relaxation of sanctions on Russian oil to address the impact of the blockage of shipping through the Strait of Hormuz on the energy market. OFAC authorized transactions such as sale, delivery, and unloading of Russian crude oil or petroleum products that have already been loaded onto ships from March 12 (Eastern Time) to April 11. Previously, the U.S. had prohibited such transactions under relevant domestic laws or executive orders. (Xinhua News Agency)