U.S. Treasury Secretary Scott Bessent says the United States does not plan to renew a waiver allowing the purchase of Russian oil and petroleum products currently at sea. He also stated that renewing a similar one-time waiver for Iranian oil at sea is “totally off the table.” Bessent made the remarks during an interview with The Associated Press, emphasizing that the U.S. Maintains a blockade on Iranian oil exports and expects Iran to begin shutting down production within the next two to three days, which could severely impact its oil wells. His comments follow a recent renewal of the Russian oil waiver by the U.S. Treasury Department on April 17, 2026, which came just days after Bessent had indicated he did not intend to extend the sanctions relief. That renewal was issued as a general license by the Office of Foreign Assets Control, replacing a prior waiver that had expired on April 11. Bessent noted that the initial waiver and its renewal were requested by unspecified “vulnerable and poor countries” during World Bank and International Monetary Fund meetings. However, he indicated he does not foresee another extension, stating that Russian oil currently at sea has largely been purchased. The waivers were originally introduced in March 2026 to stabilize global energy markets after crude oil prices rose above $100 per barrel. Since then, global markets have been affected by the U.S.-Israeli military actions in Iran and the resulting closure of the Strait of Hormuz, which has disrupted oil shipments and contributed to rising energy prices. Bessent reiterated that there are no plans to renew sanctions exemptions for either Russian or Iranian oil stranded at sea, underscoring the administration’s commitment to maintaining pressure on both countries despite earlier temporary relief measures.
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