US issues temporary waiver allowing purchase of stranded Russian oil

The United States has issued a 30-day sanctions waiver that allows countries to buy Russian oil that is currently stranded at sea. The move is described as an effort to stabilize global energy markets and will free up roughly 19 million barrels of oil for purchase.

Oil prices dipped slightly following the announcement but remain high. A Russian presidential envoy commented that the waiver amounts to a de facto admission by the US that Russian oil is crucial for market stability.