&imwidth=800&imheight=600&format=webp&quality=medium "US extends sanctions waiver for Russian oil purchases by 30 days amid Hormuz tensions")
The United States Treasury has extended a sanctions waiver allowing purchases of Russian seaborne oil for another 30 days to support “energy-vulnerable” countries affected by disruptions in Gulf oil supplies.
Announcing the decision on Monday, Scott Bessent said the extension would provide flexibility to countries facing supply shortages.
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said in a post on X.
“It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.
The latest move marks the second time the US Treasury has allowed the waiver to expire before extending it again. The waiver was first introduced in March after supply disruptions and rising oil prices triggered by US-Israeli strikes on Iran. The measure was aimed at releasing Russian oil and petroleum products stranded in tankers due to sanctions.
Although the waiver has not significantly lowered global oil prices, it has provided relief to countries such as India, which was one of the largest buyers of Russian crude before Washington imposed tougher sanctions on Russian oil companies over the Ukraine war.
However, earlier today, Sujata Sharma, Joint Secretary at the Ministry of Petroleum & Natural Gas, said India would continue purchasing Russian crude oil irrespective of the status of American sanctions waivers.
Oil prices continued to rise amid supply concerns on Monday, with benchmark Brent crude futures climbing around 1.5 per cent to nearly $111 per barrel.
The rise came even after reports from an Iranian news agency claimed Washington was considering temporarily easing sanctions on Iranian oil as part of broader peace negotiations.
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Earlier today, speaking from Paris during a meeting of G7 finance leaders, Bessent also called for stricter enforcement of sanctions on Iran.
“We call upon all our G7 and indeed all of our allies and the rest of the world to follow the sanctions regime, so that we can crack down on the illicit finance that is fueling the Iranian war machine and give this money back to the Iranian people,” Bessent told reporters.
