Washington: The US Department of the Treasury has extended a sanctions waiver on the purchase of Russian petroleum products by one month, in a move aimed at stabilising global oil markets.
According to fresh orders issued late Friday, crude oil shipments from Russia that were loaded onto vessels on or before April 17 will remain exempt from sanctions until May 16.
The decision marks a shift from Washington’s earlier stance. Just days ago, US Treasury Secretary Scott Bessent had indicated that the waiver would not be renewed.
However, rising global oil prices and supply chain disruptions appear to have prompted the US to reconsider. The extension is expected to allow nearly 140 million barrels of Russian oil to enter the global market, easing pressure on prices.
The waiver was initially granted to countries including India from March 5 for a limited period before being expanded to others.
Officials clarified that the exemption applies only to shipments loaded before April 17, and strict restrictions remain in place on transactions involving entities linked to Iran, North Korea, Cuba, or Russian-occupied regions of Ukraine.
Experts believe the move is a balancing act by Washington to manage soaring energy costs, particularly amid ongoing tensions involving Iran and disruptions in global oil supply.
