The United States has extended a sanctions waiver for another 30 days, allowing trade in Russian seaborne oil. This extension comes as multiple countries requested more time to continue purchases amid supply disruptions caused by Iran's closure of the Strait of Hormuz.
In a post on X, Treasury Secretary Scott Bessent said, "The U.S. Treasury is issuing a temporary 30-day general license to provide the most vulnerable nations with access to Russian oil currently stranded at sea. This extension will offer additional flexibility, and we will collaborate with these nations to issue specific licenses as needed. This general license will help stabilize the physical crude market and ensure that oil reaches the countries most in need."
He further emphasized that this measure would help in rerouting existing supplies to countries that require it the most, reducing China’s ability to stockpile discounted oil.
Originally, the waiver was introduced to alleviate pressure on global oil supplies and to address rising fuel prices in response to the escalating U.S.-Israel conflict with Iran. However, this action has not significantly lowered gasoline prices in the United States.
Meanwhile, reports from Iran’s semi-official Tasnim News Agency indicated that the United States agreed to lift oil sanctions imposed on Iran during ongoing negotiations. However, specific details about the scope or duration of the proposed sanctions relief, or the current status of negotiations, have not been disclosed.
The reports also noted that this movement occurs amid renewed diplomatic efforts between the U.S. and Iran regarding Tehran’s nuclear program and regional tensions, but neither Washington nor Tehran has officially confirmed this information.
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