Treasury Secretary Scott Bessent announced on May 18 another 30-day sanctions waiver allowing the purchase of Russian seaborne oil to aid “energy-vulnerable” countries hit by the Iran war.
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed,” Bessent wrote in a May 18 post on X.
“This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries. It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil.”
The move marked a reversal of Bessent’s previously stated position on another extension, after saying last month that no further extension of the Russian oil waiver was planned….
US Announces Fresh 30-Day Sanctions Waiver on Russian Seaborne Oil to ‘Vulnerable Nations’
