The US administration does not plan to extend exemptions from sanctions on Russian oil, US Treasury Secretary Scott Bessent has said.

The United States did not extend a sanctions exemption that had allowed the sale of some Russian oil, stepping back from a contentious plan to try and contain global crude prices that was also providing an economic windfall to Moscow.

The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the war in Iran. Video above: Germany's Merz, Canada's Carney disagree with US' 30-day ...

The Donald Trump administration has issued a temporary authorization for countries to purchase Russian oil currently “stranded at sea,” a move designed to stabilize global energy markets as tensions from the Iran-U.