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US Extends Russian Oil Sanctions Waiver as Fuel Prices Surge
(MENAFN) The Trump administration extends a sanctions exemption on certain Russian oil transactions on Friday, even as fuel prices continue to rise sharply following the US-Israeli war involving Iran, according to reports.
The decision comes shortly after Treasury Secretary Scott Bessent announced that the United States would not renew the exemption for Russian oil sales, highlighting a shift in policy before the latest extension.
Fuel costs have increased significantly since the outbreak of the conflict in the Middle East in late February. Data from the American Automobile Association (AAA) shows that average gasoline prices in the US have risen by more than 30%, surpassing $4 per gallon, while diesel prices have climbed by over 40% to above $5 per gallon.
According to reports, the administration had initially eased restrictions on Russian oil shipments that were stranded at sea after the war disrupted global energy markets. The aim was to help stabilize prices by allowing countries to purchase large volumes of crude oil that had previously been restricted under US sanctions.
As the conflict continues into its second month and energy prices remain elevated, the waiver that was set to expire on April 11 is now extended until May 16, according to the latest decision.
The decision comes shortly after Treasury Secretary Scott Bessent announced that the United States would not renew the exemption for Russian oil sales, highlighting a shift in policy before the latest extension.
Fuel costs have increased significantly since the outbreak of the conflict in the Middle East in late February. Data from the American Automobile Association (AAA) shows that average gasoline prices in the US have risen by more than 30%, surpassing $4 per gallon, while diesel prices have climbed by over 40% to above $5 per gallon.
According to reports, the administration had initially eased restrictions on Russian oil shipments that were stranded at sea after the war disrupted global energy markets. The aim was to help stabilize prices by allowing countries to purchase large volumes of crude oil that had previously been restricted under US sanctions.
As the conflict continues into its second month and energy prices remain elevated, the waiver that was set to expire on April 11 is now extended until May 16, according to the latest decision.
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