US extends Russian oil waiver by 30 days as Hormuz closure chokes supply
US Treasury secretary says reprieve will allow energy-vulnerable nations to access Russian seaborne oil
The US Treasury on Monday extended by 30 days its sanctions waiver for Russian oil cargoes already at sea, as global energy prices continue to surge due to the Iran war.
The latest “temporary 30-day general license” will “provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea,” Treasury Secretary Scott Bessent said in a social media post.
Monday’s announcement is the second time US authorities have extended the temporary measure, which is meant to address oil supply shortages sparked by the US-Israel war on Iran.
Iran’s retaliatory action has targeted US regional allies and virtually blocked the Strait of Hormuz, through which roughly a fifth of the world’s oil and gas supplies normally pass.
Global oil prices have spiked since the start of the war, with US consumers feeling the pinch of petrol costs that are more than 50 per cent higher than when the war began.
The United States first issued a sanctions waiver on Russian oil cargoes that were at sea in March.