WASHINGTON — On Monday, Treasury Secretary Scott Bessent announced the United States will provide an additional 30-day window allowing nations to import Russian oil currently aboard vessels at sea, a decision aimed at addressing supply shortfalls triggered by conflict involving Iran.
This announcement represents an ongoing shift in policy from an administration that had previously indicated Russian oil sanctions would be reinstated. The temporary sanctions waiver was initially declared in early March and first extended in April, occurring just two days after Bessent stated at the White House he had no intentions of prolonging the sanctions relief.
This most recent 30-day extension follows Bessent’s previous statements to The Associated Press that the Russian oil sanctions waiver would expire, reflecting persistent global economic difficulties stemming from the Iran conflict as supply shortages drive up prices and hinder economic growth.
According to Bessent, the extension will benefit poorer countries requiring oil access because China will lose some of its capacity to “stockpile discounted oil” from Russia. However, the temporary suspension of sanctions carries risks by potentially helping Russia fund its military operations in Ukraine.
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed,” Bessent stated on social media.
