The U.S. Treasury Department extended its waiver on sanctions for Russian oil shipments on Friday, citing energy shortages exacerbated by the Iran war. The 30-day 'general license' allows Russian oil loaded on tankers as of Friday to bypass U.S. sanctions, continuing a similar policy enacted in March for shipments loaded by March 11.
The decision highlights how the Iran war has bolstered Moscow's ability to profit from its energy exports, despite sanctions imposed after Russia's invasion of Ukraine. This move comes just days after Treasury Secretary Scott Bessent publicly opposed extending the waiver. Speaking at the White House on Wednesday, Bessent stated, 'We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil.'
'We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil,'
The administration has yet to provide an explanation for the reversal. Critics argue that the extension undermines U.S. sanctions policy and benefits Russian energy interests at a time when American workers and industries face economic pressures from global energy markets.