US EditionTrump administration reverses course, extends Russian oil sanctions waiver
The monthlong license covers oil already loaded on vessels and excludes transactions involving Iran, Cuba and North Korea, Treasury said.
- On Friday, the Treasury Department issued a waiver allowing countries to purchase Russian oil loaded on vessels through May 16, aiming to control global energy prices during the US-Israeli war on Iran.
- The extension comes two days after Treasury Secretary Scott Bessent stated Washington would not renew the waiver for Russian oil, which had expired on April 11.
- This measure excludes transactions involving Iran, Cuba, and North Korea, while a prior Russian waiver freed 100 million barrels and The Iranian waiver allowed 140 million barrels to reach markets.
- Global petroleum prices continue spiking despite the reprieve, driven by the partial closure of the Strait of Hormuz, through which about 20% of the world's oil and gas shipped daily before the war.
- Brett Erickson of Obsidian Risk Advisors said this is not the last waiver Washington will issue, though European Commission President Ursula stated it is not the time to relax sanctions against Russia.
76 Articles
76 Articles
US Treasury Extends Russian Crude Waiver Amid Supply Disruptions
The Trump administration renewed a key sanctions waiver Friday, allowing countries to purchase Russian oil stranded at sea, responding to urgent pressure from Asian nations battered by skyrocketing energy costs. The move also reverses a position Treasury Secretary Scott Bessent had stated two days earlier. The Treasury Department’s Office of Foreign Assets Control issued General License 134B on Friday, authorizing transactions tied to Russian cr…
U.S. Extends Sanctions Waiver on Purchases of Russian Oil
U.S.
The US Treasury has extended a derogation that allows countries to buy Russian oil and oil products sanctioned at sea for a period of about a month, in the context of the Trump administration's attempt to stimulate oil supply due to the global disruption caused by its war on Iran, Reuters reports.
The US government had temporarily lifted sanctions in March for Russian oil stored at sea, with the aim of reducing oil prices.
The US government extends the easing of sanctions for Russian oil until May 16. Russia has been able to almost double its revenues so far.
The U.S. Treasury Department extended on Friday, and on a temporary basis until May 16, the suspension of most of the sanctions directed against the Russian oil industry, at a time when the resumption of traffic through the Strait of Ormuz caused a sharp drop in oil prices.The measure affects all operations related to the shipment and delivery of oil from Russia.It also applies to ships of the Russian phantom fleet that were so far subject to sa…
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