The US introduced a temporary sanctions waiver on Russian oil, allowing shipments already at sea to be delivered under defined conditions. The measure was explicitly time-limited—lasting 30 days and expiring on 11 April—and was motivated by a need to stabilise global oil markets amid supply disruptions and rising prices linked to tensions around the Strait of Hormuz.
Early evidence suggests the waiver had a significant short-term impact. During its duration, Russian crude unloadings increased and storage levels fell sharply, contributing to a notable boost in Kremlin oil revenues.
Since the waiver lapsed, the trend has begun to reverse. Daily average unloadings have dropped markedly, with key buyers such as India scaling back purchases, and Russian storage levels starting to rebuild.
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