US Treasury Secretary Scott Bessent has said that he extended sanctions relief on Russian and Iranian seaborne oil for 30 days because of requests from countries that are the most vulnerable to oil shortages from the closed Strait of Hormuz.
Bessent, testifying at a US Senate Appropriations subcommittee budget hearing on Wednesday, revealed that following the UAE's request for a currency swap line, other Gulf allies have also requested similar facilities.
Bessent said the decision to extend sanctions relief on Iranian oil came after the requests from finance leaders of about 10 countries during last week's International Monetary Fund and World Bank meetings.
The action reversed his earlier comments last week that he would not renew expiring sanctions waivers.
Bessent faced sharp questioning about the administration's decision to ease sanctions on Iranian and Russian oil.