US extends sanctions waiver on Russian oil as supply crunch pushes up Brent crude price
Summary
The US Treasury has extended a 30-day waiver allowing some countries to buy Russian oil, despite existing sanctions. This move aims to help energy-vulnerable countries facing shortages after the Iran war, while managing global oil supply and prices.Key Facts
- The US extended a sanctions waiver for buying Russian seaborne oil for 30 more days.
- The waiver was made to help countries struggling with energy shortages due to disruptions from the Iran conflict.
- The waiver allows access only to Russian oil already loaded on ships before April 17 and does not apply to new Russian oil exports.
- Some US senators criticized the extension, saying it helps fund Russia’s war in Ukraine without lowering US gas prices.
- The waiver is temporary and attempts to ease global oil supply issues and limit price spikes.
- The sanctions on Russian oil majors Rosneft and Lukoil remain in place.
- Oil prices rose above $112 per barrel amid concerns about tight supply.
- US Treasury Secretary Scott Bessent said the move helps stabilize the crude oil market and supports energy-vulnerable countries.
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