US Extends Russian Oil Sanctions Waiver for 30 Days Amid Global Supply Crunch

"The decision deals a major blow to Kyiv and to the European Commission, which has urged Washington to resume sanctions to squeeze President Vladimir Putin's war chest more than four years into his war on Ukraine," one source noted. The European Commission has repeatedly pressed the US to tighten sanctions to further isolate Russia economically.

Focus on Developing Nations

Bessent framed the extension as a measure to assist poorer nations struggling with energy shortages. He emphasized that the waiver would prevent China from exploiting discounted Russian oil while ensuring vulnerable economies retain access to critical supplies.

"Bessent said the extension would help poorer nations in need of oil because China would no longer have the same ability to 'stockpile discounted oil' from Russia," according to a statement. On social media, he added, "This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed."

The waiver applies only to Russian oil already loaded onto tankers before the deadline, limiting its scope. Originally announced as a short-term measure, the policy has now been extended twice, reflecting the prolonged disruptions in global energy markets.