US Treasury Department Issues Fresh Waiver on Sanctioned Russian Oil
The US Treasury Department has issued a fresh temporary waiver permitting the sale and transport of sanctioned Russian oil stranded at sea, in a move aimed at stabilising global energy markets shaken by the ongoing West Asia conflict.
According to the license issued on the official website of the Treasury department, “(a) Except as provided in paragraph (b) of this general license, all transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the sale, delivery, or offloading of crude oil or petroleum products of Russian Federation origin loaded on any vessel, including vessels blocked under the above-listed authorities, on or before 12:01 a.m. eastern daylight time, April 17, 2026, are authorized through 12:01 a.m. eastern daylight time, May 16, 2026.”
The license replaces a previous 30-day waiver that expired on April 11.
US Treasury Secretary Scott Bessent’s Remarks
United States Secretary of the Treasury Scott Bessent made remarks on Wednesday (local time), stating that the US will not renew the general license that allowed limited transactions involving Russian and Iranian oil amid ongoing geopolitical tensions. “We will not be renewing the general license on Russian oil and Iranian oil. That was oil that was on the water before March 11th. All that has been used,” Bessent said during a media briefing.
Oil Markets React Sharply
Oil markets reacted sharply after the Iranian foreign minister said the Strait of Hormuz would open to all commercial vessels during the ceasefire. Brent crude dropped over 9 per cent, settling at USD 90.38 per barrel, its lowest level since March 10.
Iran’s Control Over Strait of Hormuz
Iran has asserted that maritime movement through the Strait of Hormuz will be strictly controlled by Tehran, stating that passage will be allowed only through designated routes and under Iranian approval, amid escalating tensions with the United States over regional security and negotiations. Speaker of the Islamic Republic of Iran’s Parliament, Mohammad Bagher Ghalibaf, said, “4- Passage through the Strait of Hormuz will be conducted based on the ‘designated route’ and with ‘Iranian authorisation.’ 5- Whether the Strait is open or closed and the regulations governing it will be determined by the field, not by social media.”
US President Donald Trump’s Remarks
US President Donald Trump said that any agreement with Iran would not take full effect until it is completely finalised, even as he claimed major diplomatic and security breakthroughs involving Tehran, Israel and Lebanon. While speaking on ongoing developments in West Asia at the Turning Point USA event in Phoenix, Arizona, Trump said, “This will be a great and brilliant day for the world because Iran has just announced that the Strait of Hormuz is fully open and ready for business and that they are going to make a deal with us.”
Original Article: US takes U-turn, extends waiver on sale of sanctioned Russian oil in bid to stabilise energy markets — Theprint