US extends waiver allowing purchase of Russian oil

"The monthlong waiver on Russian oil and petroleum products came two days after Treasury Secretary Scott Bessent said he had no plans to extend the sanctions relief. The license permits countries to purchase Russian oil loaded on vessels as of Friday through May 16."

"The decision to waive sanctions on Russian and Iranian oil was met with criticism from US lawmakers who slammed the move, saying waivers helped the economies of Iran while it was at war with the US and of Russia as it was at war with Ukraine."

"The move comes as an easing measure to control global energy prices that have skyrocketed during the US-Israel's war with Iran, although oil prices have recently fallen after the start of a temporary ceasefire."

The Trump administration renewed a waiver permitting the purchase of Russian oil and petroleum products at sea for one month, effective through May 16. This decision follows Treasury Secretary Scott Bessent's earlier statement about not extending sanctions relief. The waiver excludes transactions involving Iran, Cuba, and North Korea. Critics argue that these waivers support economies of countries at war, complicating US relations with allies and undermining efforts to limit Russia's oil revenue amid its conflict with Ukraine.

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