Washington DC, May 18 -- US Secretary of Treasury Scott Bessent on Monday stated that his Department is issuing a temporary 30-day general license to provide "the most vulnerable nations" with the ability to temporarily access Russian oil currently stranded at sea.

In a post on X, he said this extension will provide additional flexibility. "We will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries," he said.

"It will also help reroute existing supply to countries most in need by reducing China's ability to stockpile discounted oil," he added.

The announcement comes tafter the previously issued 30-...