US extends sanctions waiver on Russian oil to aid vulnerable countries

PARIS — U.S. Treasury Secretary Scott Bessent on Monday announced another 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil to aid "energy-vulnerable" countries hit by the Iran war, reversing plans not to grant an extension. Bessent said in a posting on X that the Treasury was issuing the 30-day general license after a previous waiver lapsed on Saturday. This will allow temporary access to Russian oil and petroleum products stranded on tankers without violating severe U.S. sanctions on Russian oil majors, he said. A source familiar with the decision had told Reuters that the second waiver extension was requested by poor and vulnerable countries that cannot get Gulf oil shipments due to the U.S.-Israeli war with Iran and the closure of the Strait of Hormuz. "This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed," Bessent said. "This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries." Bessent, who last month told

Original source: Korea Times