US extends waiver allowing purchase of Russian oil

The Trump administration on Friday renewed a waiver allowing the purchase of Russian oil and petroleum products at sea for about a month. The monthlong waiver on Russian oil and petroleum products came two days after Treasury Secretary Scott Bessent said he had no plans to extend the sanctions relief. The license issued late Friday permits countries to purchase Russian oil loaded on vessels as of Friday through May 16. The waiver renews an earlier one that expired on April 11. It, however, excludes ​transactions involving Iran, Cuba and North Korea. Trump administration in a tough spot over sanction waivers On Wednesday, Bessent had said the US ​would not ‌be renewing the waiver for Russian oil and another for Iranian oil, which is set to expire on Sunday. What to make of US allowing Russian oil tanker to reach CubaTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video The move comes as an easing measure to control global energy prices that have ​skyrocketed during the US-Israel's war with Iran, more recently, however, oil prices have fallen after the start of a temporary ceasefire. The waiver for purchasing Iranian oil, which was issued on March 20, allowed some 140 ‌million barrels of oil to reach global markets and helped relieve pressure on energy ‌supply during ​the war, Bessent said last month. The decision to waive sanctions on Russian and Iranian oil was met with criticism from US lawmakers who slammed the move, saying waivers helped the economies of Iran while it was at war with the US and of Russia as ​it was at war with Ukraine. The move has undermined efforts to deprive Russia of oil revenue needed for its war on Ukraine, complicating Washington's relations with its allies. Edited by: Sean Sinico