The US Treasury Department has extended a sanctions waiver allowing trade in Russian seaborne oil for another 30 days, citing the need to support vulnerable nations and stabilize global crude supplies amid disruptions from the Iran conflict. Treasury Secretary Scott Bessent announced the decision, saying the temporary general license would help countries access Russian oil currently stranded at sea.
“This extension will provide additional flexibility... This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent said.
The waiver was first introduced in March to ease oil supply shortages and rising prices after Iran closed the Strait of Hormuz during the US -Israeli military offensive. It allows sanctioned Russian oil and petroleum products on tankers to re-enter the market.
This marks the second extension of the measure. While it has had limited impact on lowering gasoline prices in the United States, it has significantly benefited major importers like India. Indian refiners, including Reliance Industries, have increased purchases of Russian crude under the waiver, with reports indicating India ordered around 30 million barrels since the exemption took effect.
The Treasury noted that the extension will also help reroute existing Russian supply to countries most in need, while reducing China’s ability to stockpile heavily discounted oil.The move provides temporary relief as broader diplomatic efforts continue to address the global energy crisis. The waiver is set to run for another 30 days, after which further decisions on its status will be made.
GetLatest NewsLive on Times Now along with Breaking News and Top Headlines fromUS Newsand around theWorld.
Working as Copy Editor at the Business Desk of Times Now Digital. Dedicated towards crafting interesting financial stories. Previously covered financi...View More
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
