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 temporary general license, which had been allowed to lapse over the weekend, is now effective until June 17. The move marks the second time Washington has permitted the relief measure to expire before quickly reinstating it.
“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,” Treasury Secretary Scott Bessent wrote in a post on X.
Bessent said the “extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed.”
While some members of Congress and U.S. allies have criticized the waiver for providing a financial boon to the Kremlin, several governments in Asia have lobbied Washington for extensions to combat domestic fuel crises.
In late April, Bessent had said the Trump administration would not renew the waiver a second time.
Oil markets remain volatile as movement through the Strait of Hormuz remains significantly hampered. Around a fifth of the world’s oil and gas supplies passed through the vital waterway before its effective closure at the beginning of March.
The price of Urals crude surged to around $120 per barrel in early April. Before the war in Iran, Russian oil had been sold at wide discounts due to U.S. sanctions over the full-scale invasion of Ukraine.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
