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US won’t renew Iranian and Russian oil waivers, Bessent says
Bessent said the waivers were meant to stabilize markets, noting crude topped $100 a barrel and more than 10 countries sought relief.
- On Friday, Treasury Secretary Scott Bessent announced the United States will not renew waivers for Russian and Iranian oil at sea, ending temporary relief for petroleum products from sanctioned countries.
- Originally issued in March 2026, the waivers aimed to ease market strain caused by the Russia-Ukraine and US-Iran situations after global crude oil prices surged above $100 per barrel.
- During World Bank and International Monetary Fund meetings last week, Bessent spoke with officials from more than 10 vulnerable countries seeking relief. He noted that Russian oil on water is largely utilized, making extensions unnecessary.
- On Wednesday, the Treasury Department announced new sanctions targeting entities within the network of Mohammad Hossein Shamkhani, whose father Ali Shamkhani was killed in US-Israeli strikes on February 28.
- Bessent expects Iranian oil production to shutter within two or three days under the current blockade, describing the action as part of the administration's aggressive Economic Fury strategy targeting regime elites.
25 Articles
25 Articles
US decides not to renew Russian, Iranian oil waivers; India probably to be impacted
A move that is likely to impact India, the United States (US) has confirmed that it is not planning to renew a waiver to allow countries procure Russian and Iranian oil, and petroleum products at sea. In an interview with The Associated Press on Friday, US Treasury Secretary Scott Bessent said the waiver was only given on request of the "vulnerable and poor countries", pointing out that "Russian oil on the water has been largely sucked up". “N…
Treasury Secretary Announces End to Sanctions Waivers for Russian and Iranian Oil
Treasury Secretary Announces End to Sanctions Waivers for Russian and Iranian Oil The US Treasury Department announced it would not renew waivers for purchasing Russian and Iranian oil at sea, Secretary Scott Bessent revealed on Friday. This decision stems from the global energy market's instability triggered by the US-Israeli war in Iran and the closure of the Strait of Hormuz.Bessent told The Associated Press there would be no renewal for Iran…
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