economy
April 20, 2026
US renews Russian oil sanctions waiver and reneges on Bessent’s pledge
The US Treasury has extended its sanctions waiver on Russian oil to mitigate the price shock from the Iran war
TL;DR
- The US Treasury has renewed a sanctions exemption for Russian oil already loaded on tankers.
- This waiver allows for the delivery and sale of these petroleum products.
- The decision contradicts earlier statements by Treasury Secretary Scott Bessent.
- The waiver extends to services such as docking, crew safety, repairs, and insurance.
- The initial waiver aimed to contain oil price increases due to the Iran war.
- Russian officials, including Lavrov and Peskov, downplayed the significance of previous waivers.
- Russia has benefited from soaring oil prices, reportedly earning an additional $150 million daily.
- EU officials and Ukrainian leader Zelensky have criticized the decision to extend the waiver.
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