US did not extend waiver for Russian oil purchases despite deficit due to war with Iran – media
Kyiv • UNN
The Trump administration did not extend the waiver for purchasing Russian oil amid the war with Iran. This decision was made despite the risks of rising fuel prices.
The Trump administration has not extended the sanctions waiver that facilitated increased sales of Russian oil, even as the war with Iran heightens fears regarding global oil supplies and rising fuel prices, UNN reports, citing Bloomberg.
The publication notes that the expiration effectively ends a brief period during which the Trump administration eased sanctions on certain types of Russian oil, allowing purchases that would otherwise have been prohibited. The Trump administration granted the first exemption in March and a second after the first expired in April—both applied only to a portion of Russian oil already loaded onto tankers.
These exemptions sparked controversy, particularly among European allies who view sanctions as essential to depriving Russia of oil revenues and funding for Moscow's war in Ukraine. Critics argue that the easing of sanctions helped enrich Moscow—even though it was limited to seaborne oil—especially amid a sharp rise in oil prices.
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However, some countries, including India and Indonesia, lobbied the Trump administration to extend the sanctions waivers, as the war with Iran and the near-total closure of the Strait of Hormuz are depriving global markets of millions of barrels of oil daily.
The Trump administration also shifted its stance on the issue, responding to requests from countries heavily dependent on oil imports. Treasury Secretary Scott Bessent initially stated in April that the US would not extend the sanctions waiver allowing purchases of some Russian oil, but issued a new authorization two days later.
He told a Senate committee that the change occurred after "more than 10 of the most vulnerable and poorest countries in terms of energy supply" appealed for an extension. Bessent described the previous steps as necessary to ensure stability in global energy markets amid the conflict in the Middle East.
As in April, lobbying from Asian allies and tightening tensions in the oil market could prompt the administration to issue a new authorization later.
The administration has not yet extended a separate temporary authorization allowing the purchase of some Iranian oil.
Additionally
The publication notes that the price of Brent crude has risen sharply since the start of the war with Iran, leading to higher prices for gasoline, diesel fuel, and other refined products. Supply disruptions related to the Strait of Hormuz have also forced some buyers, including the US, to seek new shipments.
The US government has taken several other steps to mitigate the effects of the energy shock, which the International Energy Agency called the largest supply disruption in the history of the oil market. The Trump administration is allowing foreign vessels to transport crude oil and other goods between American ports until mid-August. It has also temporarily waived certain domestic fuel requirements.