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US Extends Russian Oil Sanctions Waiver Despite Earlier Pledge
(MENAFN) The United States has renewed a sanctions exemption allowing Russian crude oil and petroleum products already loaded onto tankers to be delivered and sold, according to the US Treasury Department as cited by reports. The decision reportedly contradicts an earlier statement by Treasury Secretary Scott Bessent, who had indicated just two days prior that the waiver would not be extended.
On Friday, the Office of Foreign Assets Control issued a general license covering Russian oil loaded onto vessels as of April 17, permitting related transactions until May 16. The authorization replaces a previous 30-day waiver introduced on March 19. It also extends to shipping-related services such as docking assistance, crew safety support, emergency repairs, and insurance coverage, including for vessels previously subject to sanctions.
Officials indicated that the initial waiver was designed to prevent further spikes in global oil prices, which had been driven up by conflict involving Iran and disruptions linked to the effective closure of the Strait of Hormuz.
The extension came despite earlier remarks by Bessent, who told reporters that exemptions for both Russian and Iranian oil would not continue.
In March, Russian Foreign Minister Sergey Lavrov downplayed the significance of such measures, arguing that they had limited practical impact. “The US graciously allowed the Russian Federation to sell its oil that was already at sea,” he said. “Tankers that are already at sea and heading to their destinations continue moving exactly as they did before.”
Lavrov also stated that sanctions “do not exist for us, as well as for our conscientious, respectable partners.”
Kremlin spokesman Dmitry Peskov, while calling for a peaceful resolution to tensions in the Middle East, acknowledged increased global demand for Russian oil. He also reaffirmed Russia’s position as a stable energy supplier, saying it “has been and remains a reliable supplier of both oil and gas.”
According to reports, Russia has benefited financially from rising oil prices linked to the regional conflict, generating an estimated additional $150 million in daily revenue.
On Friday, the Office of Foreign Assets Control issued a general license covering Russian oil loaded onto vessels as of April 17, permitting related transactions until May 16. The authorization replaces a previous 30-day waiver introduced on March 19. It also extends to shipping-related services such as docking assistance, crew safety support, emergency repairs, and insurance coverage, including for vessels previously subject to sanctions.
Officials indicated that the initial waiver was designed to prevent further spikes in global oil prices, which had been driven up by conflict involving Iran and disruptions linked to the effective closure of the Strait of Hormuz.
The extension came despite earlier remarks by Bessent, who told reporters that exemptions for both Russian and Iranian oil would not continue.
In March, Russian Foreign Minister Sergey Lavrov downplayed the significance of such measures, arguing that they had limited practical impact. “The US graciously allowed the Russian Federation to sell its oil that was already at sea,” he said. “Tankers that are already at sea and heading to their destinations continue moving exactly as they did before.”
Lavrov also stated that sanctions “do not exist for us, as well as for our conscientious, respectable partners.”
Kremlin spokesman Dmitry Peskov, while calling for a peaceful resolution to tensions in the Middle East, acknowledged increased global demand for Russian oil. He also reaffirmed Russia’s position as a stable energy supplier, saying it “has been and remains a reliable supplier of both oil and gas.”
According to reports, Russia has benefited financially from rising oil prices linked to the regional conflict, generating an estimated additional $150 million in daily revenue.
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