US Issues New Russia Oil Waiver as Iran War Crunches Supplies
(Bloomberg) -- The US on Monday issued a new waiver allowing the sale of Russian crude oil and petroleum products that are already loaded on tankers, days after the previous one lapsed.
The Treasury Department’s Office of Foreign Assets Control issued a so-called general license waiver, which now extends to June 17. The release confirmed an earlier Bloomberg report. Treasury Secretary Scott Bessent said in a post on X that the new general license “will help stabilize the physical crude market.”
The decision underscores the pressure President Donald Trump’s administration faces to rein in higher fuel costs and address a global supply crunch caused by the war.
Bessent also said the move will “provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea.” He added that “we will work with these nations to provide specific licenses as needed.”
The Treasury previously issued two general license waivers covering the same activity. The initial waiver, issued in March, expired after 30 days. Bessent had said it would not be renewed, only to reverse the decision a few days later. The second waiver expired on May 16.
The decision may frustrate European allies, which see sanctions against Moscow as essential to starving it of the revenue it needs to continue the war in Ukraine.
But Asian nations that import large amounts of crude have lobbied for extended relief from sanctions.
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