Bessent Grants a 30-Day Extension for Russian Oil in Tankers as Iran War Squeezes Supply
Scott Bessent said the 30-day license will help vulnerable countries access stranded cargoes and stabilize crude markets as oil prices surge.
- On Monday, Treasury Secretary Scott Bessent announced a 30-day extension of a sanctions waiver allowing energy-vulnerable nations to purchase Russian oil cargoes currently stranded at sea.
- This extension addresses supply shortages sparked by the US-Israel-Iran conflict, which has blocked the Strait of Hormuz and driven global gasoline costs more than 50% higher since the war began.
- Bessent said the waiver would "provide additional flexibility" to stabilize physical crude markets while ensuring oil reaches vulnerable countries and limiting China's ability to stockpile discounted Russian crude.
- At a G7 gathering in Paris on Monday, Ukrainian Finance Minister Serhiy Marchenko urged allies to impose additional sanctions on Russia, while Bessent pressed for tighter enforcement against Iranian illicit finance.
- Brent crude rose about 1.5 percent on Monday to roughly $111 a barrel, while sanctions expert Brett Erickson of Obsidian Risk Advisors said extensions have become "just inevitable" until normalization.
124 Articles
124 Articles
Pakistan can buy Russian oil
WASHINGTON: Pakistan is among the countries that could benefit from a new United States temporary licence allowing selected energy-importing nations to access Russian oil, diplomatic sources told Dawn. The US has introduced a 30-day general licence issued by the US Department of the Treasury to ease immediate supply pressures in global crude markets and provide relief to energy-vulnerable countries. Diplomatic sources said the arrangement may al…
US Extends Russian Oil Sanctions Waiver a Third Time
Already a subscriber? Make sure to log into your account before viewing this content. You can access your account by hitting the “login” button on the top right corner. Still unable to see the content after signing in? Make sure your card on file is up-to-date. The Trump administration announced Monday that it will extend a sanctions waiver allowing the global purchase of Russian seaborne oil for another 30 days. Some shit you should k…
EU Criticises U.S. Waiver on Russian Oil Sanctions
The European Union criticised on Tuesday, May 19th the latest United States decision to extend a waiver on sanctions targeting Russian oil—a move announced during G7 finance ministers’ talks in Paris aimed at addressing global economic pressures. According to Washington, the waiver is intended to help reduce energy prices, which have risen sharply since the launch of U.S-Israeli military action against Iran in February, disrupting shipping throu…
"Temporary access" to Russian oil: How the US is repackaging sanctions waiver as generosity after destabilising global energy markets through the Iran conflict
The United States has a peculiar habit of waging unwarranted wars and manufacturing crises and then behaving as though the rest of the world must applaud Washington for selectively easing the pain caused by its own actions. The latest example came from US Treasury Secretary Scott Bessent, who took to X to announce that the United States was issuing a “temporary” 30-day general licence allowing “vulnerable nations” to access Russian oil stranded …
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