US extends lifting of sanctions on Russian oil - Aims to help vulnerable countries affected by war in Iran
US Treasury Secretary Scott Bessent announced another 30-day extension of a sanctions waiver that allows purchases of Russian oil transported by sea to help “vulnerable” countries hit by the war in Iran. The decision will allow temporary access to Russian oil stuck in tankers without violating tough US sanctions on major Russian companies.
“The decision will provide additional flexibility, and we will work with these countries to provide specific licenses as needed,” Bessent said. “This general license will help stabilize the physical crude oil market and ensure that oil reaches the most energy-vulnerable countries.”
Bessent added that the move would help redirect existing supply to countries that need it most, allowing them to compete with China for previously sanctioned oil.
Analysts said the short-term waivers could help some countries that depend on Gulf oil supplies but would do little to lower prices in the United States, a key goal of the Trump administration.
They said the waivers would boost Russia's oil revenues, already buoyed by higher prices, while offsetting the impact of increased Ukrainian attacks on Russian refineries and other infrastructure.
Bessent, who is in Paris for a meeting of Group of Seven finance leaders, said he wanted the G7 and other allies to enforce sanctions on Iran more strongly.
"We call on all G7 countries, all 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 Iran's war machine and get this money back to the Iranian people," Bessent said.
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