U.S. extends Russian oil sanctions waiver
REUTERS/Pavel Mikheyev/Illustration/File Photo
The U.S. Treasury Department extended a sanctions waiver for
Russian
oil that expired on May 17, Reuters reported
on May 18.
The waiver was extended after several countries asked for more time to purchase Russian crude, according to Reuters. A source told the news agency the permission was extended for 30 days.
Treasury Secretary Scott Bessent confirmed the move.
"The U.S. Treasury is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea," Bessent said in a Twitter post.
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries.”
Washington first exempted Russian crude from sanctions on March
12, shortly after the Iran war led to spiking energy prices across the
world.
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