Russian oil, waiver
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The US has extended by another month its sanctions waiver for Russian crude already loaded on tankers, aiming to stabilise global oil supply amid disruptions caused by the Strait of Hormuz crisis and ease pressure on crude prices.
Treasury Secretary Scott Bessent has said he will extend a temporary pause of U.S. sanctions on Russian oil exports until mid-June. The decision deals a major blow to Kyiv and to the European Commission,
Earlier, the US had granted an exemption from sanctions to India for buying Russian oil for a month beginning March 5.
US Treasury Secretary Scott Bessent announces another 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil to aid “energy-vulnerable” countries hi
The US Treasury has decided to extend a sanctions waiver allowing trade in Russian seaborne oil for another 30 days. | World News
However, it faced criticism from Democratic senators who claim it benefits Russian President Putin amid the Ukraine conflict. Analysts suggest the waivers won't significantly impact U.S. gasoline prices or drive down oil costs,
The US had issued the waiver in a bid to ease oil supply shortages and high prices due to Iran's closure of the Strait of Hormuz amid a US-Israeli offensive, but the move has done little to calm U.