The U.S. Department of the Treasury has decided to extend the authorization for the purchase of Russian seaborne oil, which expired on Saturday, after several countries requested more time to purchase Russian crude. Reuters reported this on Monday, citing a source familiar with the plan, according to UNN.
Details
According to the source, the waiver will remain in effect for another 30 days.
The United States extended the authorization to purchase Russian oil to mitigate supply shortages and high prices caused by Iran's closure of the Strait of Hormuz amid a U.S.-Israeli offensive, but the move has done little to calm U.S. gasoline prices.
Context
As UNN previously reported, the Trump administration did not extend the sanctions waiver that facilitated increased sales of Russian oil, even as the war with Iran heightens fears over global oil supplies and rising fuel prices.