US Renews Waiver Allowing Countries to Buy Sanctioned Russian Oil

The United States has renewed a waiver allowing countries to buy sanctioned Russian oil and petroleum products at sea for another month. The announcement came late on Friday night — less than two days after Treasury ​Secretary Scott Bessent insisted that no such extension would be given. A 30-day exemption was announced for Russian and Iranian oil last month as the US-Israeli war against Iran triggered a global energy crisis. “The US Department of the Treasury’s Office of Foreign Assets Control is issuing Russia-related General License 134B, Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of April 17,” read a short update on the government website. The license replaces a 30-day waiver that expired on April 11 and allows countries to purchase Russian oil loaded on vessels as ⁠of ​Friday through May 16. It excludes transactions involving Iran, Cuba and North Korea. Senior Democratic lawmakers have sharply criticised the Trump administration for extending the Russian oil purchase waiver — calling the move a “shameful” policy reversal. Democratic leaders Jeanne Shaheen, Chuck Schumer, and Elizabeth Warren of the US Senate Foreign Relations Committee issued a joint statement condemning the decision. The lawmakers further slammed the US Treasury Secretary, Scott Bessent, noting that the decision comes days after he said that Washington will not renew the general licence that allowed limited transactions involving Russian and Iranian oil. Treasury Secretary Scott Bessent had claimed on Wednesday night that nations transacting with Iran amid the war would now face secondary sanctions. He warned that the US was preparing the “financial equivalent” of a bombing campaign and insisted that the waivers issued in March would not be renewed. The developments had come mere hours after Prime Minister Narendra Modi held a nearly 40-minute talk with President Donald Trump on Tuesday. “We will not be renewing the general license on Russian oil and we will not be renewing the general license on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used,” Bessent said at a press conference. He also revealed that the US Treasury has already reached out to Chinese financial institutions over concerns of potential sanctions violations. “Iran used to be the largest state sponsor of terrorism. China was purchasing more than 90% of their oil, which is about 8% of China’s energy needs. We believe that due to the blockade in the Straits, there will be a pause in Chinese buying…Two Chinese banks received letters from the US Treasury. I’m not going to identify the banks, but we told them that if we can prove that there is Iranian money flowing through your accounts, then we are willing to put on secondary sanctions,” he said.