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The United States eases sanctions on Russian oil to respond to Middle Eastern oil supply shocks
The U.S. Department of the Treasury’s Office of Foreign Assets Control issued a general license later on the 12th, announcing a temporary relaxation of sanctions on Russian oil to address the impact on the energy market caused by disruptions in shipping through the Strait of Hormuz. The Office of Foreign Assets Control authorized transactions such as sale, delivery, and unloading of already loaded Russian crude oil or petroleum products from March 12 to April 11 Eastern Time. Previously, the United States had prohibited such transactions under domestic laws or executive orders. (CCTV News)