Bessent Grants a 30-Day Extension for Russian Oil in Tankers as Iran War Squeezes Supply
Scott Bessent said the 30-day license will help vulnerable countries access stranded cargoes and stabilize crude markets as oil prices surge.
- On Monday, Treasury Secretary Scott Bessent announced a 30-day extension of a sanctions waiver allowing energy-vulnerable nations to purchase Russian oil cargoes currently stranded at sea.
- This extension addresses supply shortages sparked by the US-Israel-Iran conflict, which has blocked the Strait of Hormuz and driven global gasoline costs more than 50% higher since the war began.
- Bessent said the waiver would "provide additional flexibility" to stabilize physical crude markets while ensuring oil reaches vulnerable countries and limiting China's ability to stockpile discounted Russian crude.
- At a G7 gathering in Paris on Monday, Ukrainian Finance Minister Serhiy Marchenko urged allies to impose additional sanctions on Russia, while Bessent pressed for tighter enforcement against Iranian illicit finance.
- Brent crude rose about 1.5 percent on Monday to roughly $111 a barrel, while sanctions expert Brett Erickson of Obsidian Risk Advisors said extensions have become "just inevitable" until normalization.
106 Articles
106 Articles
U.S. Extends Russian Oil Waiver for a Second Time
The U.S Department of the Treasury on Monday announced a 30-day extension of a sanctions waiver that allows countries to purchase Russian seaborne oil, as the conflict in the Middle East continues to roil energy markets.
The aim of the measure is to stabilize the global crude oil market.
The U.S. Department of Finance has decided to extend for another 30 days the period during which Russian oil transported by sea is removed from the sanctions.
The US is extending the exemption for Russian oil by 30 days. According to US finance minister Bessent, this is intended to stabilise the crude oil market and supply particularly vulnerable countries.
Scott Bessent Issues 30-Day Russian Oil License To 'Stabilize' Crude Market, Move Will Reroute Oil To 'Co
Treasury Secretary Scott Bessent, on Monday, issued a 30-day general license on the Russian seaborne oil to stabilize the crude market, which is dealing with supply shortages due to the closure of the Strait of Hormuz. Sanctions Could Stabilize Oil Market In a post on X, Bessent said the license would temporarily allow vulnerable countries to access Russian oil currently stranded at sea. The move would "provide additional flexibility," and would…
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