WASHINGTON, May 18: US Treasury Secretary Scott Bessent said on Monday that the US administration would extend for 30 days a sanctions waiver allowing trade in Russian seaborne oil after several countries requested more time to continue purchases.
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The move will allow temporary access to Russian oil and petroleum products stranded on tankers without breaching strict US sanctions imposed on major Russian oil companies.
Washington had introduced the exemption to ease oil supply concerns and rising prices after Iran closed the Strait of Hormuz during the US-Israeli offensive, though the move has done little to ease gasoline prices in the United States.
“US 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,” said US Treasury Secretary Scott Bessent. (Agencies)
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