The United States has announced a 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil, reversing plans not to grant an extension. The waiver is intended to aid "energy-vulnerable" countries hit by the Iran war.
Treasury Secretary Scott Bessent said the Treasury issued the general licence after a previous waiver lapsed on Saturday. It allows temporary access to Russian oil and petroleum products stranded on tankers without violating severe US sanctions on Russian oil majors.
Two senior Democratic senators, Jeanne Shaheen and Elizabeth Warren, criticised the move as an "indefensible gift" to Russian President Vladimir Putin, arguing it helps finance his war in Ukraine.
The Trump administration had slapped sanctions on Russian oil majors Rosneft and Lukoil to pressure Russia over Ukraine. The first temporary licence was issued in March after US-Israeli attacks on Iran drove up global oil prices.
Analysts said the short-term waivers may help some countries but do little to reduce US gasoline prices. On Monday, Brent crude futures rose above $112 per barrel on supply concerns.
