The U.S. Treasury has extended for another 30 days a sanctions waiver allowing energy-vulnerable countries to purchase Russian seaborne oil, citing supply disruptions caused by the Iran conflict and the closure of the Strait of Hormuz. Treasury Secretary Scott Bessent said the measure aims to stabilize global crude markets and ensure oil access for countries struggling to secure Gulf supplies.
The waiver permits access to previously sanctioned Russian oil cargoes already loaded on tankers, but does not apply to newly produced Russian oil. The decision reverses earlier plans not to renew the exemption and has drawn criticism from U.S. lawmakers, who argue it will boost Russian revenues and support Moscow’s war efforts in Ukraine.
Analysts say the move may provide limited short-term relief for some import-dependent countries but is unlikely to significantly lower U.S. gasoline prices. Meanwhile, oil prices remain elevated amid continuing uncertainty over the Strait of Hormuz and ongoing tensions involving Iran.