US EditionPublished • loading... • Updated
U.S. Renews Russian Oil Waiver After Pressure From Countries Dealing with Iran War Price Shocks
The waiver runs through May 16 as Washington faces pressure to steady energy markets and ease price spikes tied to the Iran conflict.
- Treasury Secretary Scott Bessent announced on Friday Washington will not renew waivers for Russian and Iranian oil when they expire on Sunday, following intense criticism from lawmakers.
- Previous waivers authorized by the Treasury Department allowed 140 million barrels of Iranian oil to reach global markets, while a separate Russian oil waiver freed 100 million barrels to relieve supply pressure.
- On Friday, global oil prices dropped 9% to about $90 a barrel after Iran temporarily reopened the Strait of Hormuz, while the eight-week war has damaged more than 80 oil facilities in the Middle East.
- Lawmakers from both political parties criticized the administration, arguing the waivers support Iranian and Russian economies; partner countries requested extensions during Group of 20 meetings in Washington this week.
- Sanctions expert Brett Erickson of Obsidian Risk Advisors suggested Friday's renewal might not be the final waiver, noting "the conflict has done lasting damage to global energy markets, and the tools available to stabilize them are nearly exhausted.
Insights by Ground AI
35 Articles
35 Articles
Washington Reverses Course with Fresh 30-Day Waiver For Russian Energy Purchases
The United States has unexpectedly issued a new 30-day licence allowing countries, including India, to continue buying Russian oil without sanctions, despite earlier signals that the waiver would end
·New Delhi, India
Read Full Article
The U.S. government has extended the easing of sanctions on Russian oil, contrary to previous statements. According to a document from the Ministry of Finance, the derogation is now valid until May 16. Finance Minister Bessent had only announced this week that the easing will not be extended.
·Germany
Read Full Article
Coverage Details
Total News Sources35
Leaning Left6Leaning Right6Center10Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 27%
C 46%
R 27%
Factuality
To view factuality data please Upgrade to Premium
