In the spring, the US removed some shipments of Russian oil and oil products from the sanctions regime. At the time, Kremlin spokesman Dmitry Peskov said: "Without significant volumes of Russian oil, market stabilization is impossible." The new relaxation under discussion is more narrowly formulated and aimed at cargoes that do not fall under US sanctions.
There is currently no indication that Washington has made a final decision or issued a general authorization. The unresolved question is whether a licensing regime that leaves EU and UK insurance rules intact can free enough tankers to move freight rates — or whether the market has already priced the answer.
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