US Extends Russian Oil Waiver As Bessent Urges Tougher Iran Sanctions

The US Treasury extended a sanctions waiver for 30 days, allowing at-risk countries to purchase Russian oil shipments at sea that were stranded. The temporary general license is intended to stabilize the physical crude market and ensure deliveries reach energy-vulnerable nations. The extension also aims to limit China’s ability to stockpile discounted Russian oil. The waiver had expired over the weekend and was renewed after poorer countries requested additional time to secure supplies disrupted by the closure of Persian Gulf shipping routes. Oil markets stayed volatile, with Brent crude rising about 1.5% to around $111 per barrel amid ongoing concerns about Gulf supplies. Treasury Secretary Scott Bessent urged G7 allies to strengthen sanctions enforcement on Iran while reports indicated possible limited sanctions relief tied to diplomatic negotiations.

"Speaking in Paris during a meeting of finance ministers from the Group of Seven leading industrialized nations, Bessent called on allies to strengthen enforcement of sanctions on Tehran, even as reports emerged that Washington may be considering limited sanctions relief as part of broader diplomatic negotiations. "We call upon all of our G7 and indeed all of our allies and the rest of the world to follow the sanctions regime, so that we can crack down on the illicit finance that is fueling the Iranian war machine and give this money back to""

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