Revision History

The U.S. Treasury Department issued a 30-day general license on March 12, 2026 authorizing the global purchase of an estimated 128 million barrels of Russian oil stranded at sea, in a bid to stabilize energy markets roiled by the Iran-U.S. war and the closure of the Strait of Hormuz. The move drew fierce criticism from European allies and Ukraine, who warn it could funnel $10 billion to Moscow's war machine, while Russia called it inevitable validation that global markets cannot function without its oil.