The Trump administration has once again extended a sanctions waiver allowing the purchase of seaborne Russian oil, this time carving out the exemption for the “most energy-vulnerable” countries as the war in Iran continues to choke global flows of crude.Treasury Secretary Scott Bessent confirmed Monday that the United States would issue a 30-day general license allowing the purchase of Russian oil, just two days after the administration let its previous waiver expire.In March, shortly after the Iran war began, the Trump administration first issued a waiver allowing the purchase of seaborne Russian crude in an effort to stave off surging energy prices caused by the closure of the Strait of Hormuz.
The waiver was extended in April, and officials, including Bessent, indicated that it would not be renewed.
A source familiar with the decision to extend the waiver told Reuters that the second extension was required by poor and vulnerable nations that have been unable to receive any shipments of crude from the Persian Gulf as the Strait of Hormuz remains effectively shut.
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed,” Bessent said in a post to X. “This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries.”
