US Treasury Secretary Scott Besent said on Friday that America does not plan to renew the exemption that allows the purchase of Russian oil currently at sea.While speaking to the Associated Press, Besant also added that another concession on Iranian oil at sea is “absolutely not on the table.”“Not the Iranians,” Besant said. “We have a blockade, and the oil is not coming out.”
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“And we think that in the next two or three days, they will have to start shutting down production, which will be very bad for their wells,” he added.This comes after the United States issued a waiver for sales of Russian oil and petroleum products in March to stabilize global energy markets after crude oil prices rose above $100 per barrel due to the closure of the Strait of Hormuz due to tensions between Iran and the United States.Last week, the United States decided to extend the exemption from sanctions on Russian oil, and issued a new license allowing the purchase of Russian oil and petroleum products that have already been loaded on ships as of that day.This arrangement will remain in place until 12:01 a.m. (0401 GMT) on May 16, replacing the previous waiver that expired on April 11. The move comes despite Treasury Secretary Scott Besent’s recent indication that this easing will not continue.
The Treasury Department renewed the waiver two days after Bessent said at the White House that he had no plans to extend sanctions relief.In an interview conducted by the Associated Press about the impact of the US-Israeli war on the global energy market and other topics, the US Treasury Secretary explained a change in his previous position and ruled out the idea of renewing sanctions exemptions for both Russia and Iran.“More than 10 of the most vulnerable and poorest countries came to me and said: ‘Can you help?'” Besant said during World Bank and International Monetary Fund meetings last week.“It was for those weak, poor countries. But I never imagined we would have another extension. I think the Russian oil in the water has been pretty much absorbed.”