US Treasury Extends Russian Oil Import Waiver 30 Days Amid Iran War Supply Squeeze
US Treasury Secretary Scott Bessent announced on Monday a 30-day extension allowing countries to import Russian oil already in tankers at sea, aimed at mitigating supply shortages caused by the Iran war. The move reverses the administration's prior stance on resuming sanctions, marking the second renewal after an initial waiver in early March and a subsequent extension in April. Bessent stated the extension would help poorer nations, as China would lose its ability to "stockpile discounted oil" from Russia. However, the temporary lifting of sanctions risks financing Russia's war in Ukraine. Bessent emphasized flexibility and pledged to work with nations to provide specific licenses as needed.
Key facts
- US Treasury Secretary Scott Bessent announced a 30-day extension for importing Russian oil in tankers at sea.
- The extension aims to reduce oil supply shortages caused by the Iran war.
- This is a policy reversal from the administration's earlier plan to resume sanctions on Russian oil.
- The temporary waiver was first announced in early March and renewed in April.
- Bessent had previously said at the White House he had no plans to extend the sanctions relief.
- The extension helps poorer nations, as China can no longer stockpile discounted Russian oil.
- The temporary lifting of sanctions risks helping Russia finance its war in Ukraine.
- Bessent said the US will work with nations to provide specific licenses as needed.
Entities
Institutions
- US Treasury Department
- White House
- Associated Press
Locations
- United States
- Russia
- Iran
- China
- Ukraine