The US administration decided to expand a narrow window for global buyers to purchase Russian oil shipments already at sea, despite previous indications that this easing will not continue.Late Friday, the US Treasury Department published a new license granting a waiver lasting about a month, which allows countries to purchase Russian oil and petroleum products loaded on ships starting Friday, with this condition in effect until 12:01 a.m. (0401 GMT) on May 16. This measure replaces the previous 30-day waiver that expired on April 11.
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The decision represents a reversal of comments made by Treasury Secretary Scott Bessent just two days ago, who said Washington would not extend waivers covering Russian or Iranian oil.
“We will not renew the general license for Russian oil,” he said, adding: “This oil was present in the waters before March 11, so everything that was there was used.”The exemptions form part of a broader attempt to manage fluctuations in energy markets during the ongoing US-Israeli war against Iran. Since the conflict began on February 28, it has disrupted energy supplies around the world. After the United States and Israel launched joint strikes on Iran, the country expanded its control over the vital Strait of Hormuz, effectively draining global oil and gas shipments.
Before the war, about a fifth of the world’s energy flows passed through this route.As supplies shrink, oil prices rise, affecting economies around the world and putting additional pressure on countries that rely on energy imports. Besant stated that the previous exemption issued on March 20 enabled about 140 million barrels of Iranian oil to reach global markets, which helped relieve supply pressures. This arrangement is scheduled to end on Sunday.The renewed relief with Russian shipments has drawn criticism from US lawmakers across party lines, who say such measures risk supporting economies embroiled in conflicts with Washington and its partners.Russian presidential envoy Kirill Dmitriev had previously told Reuters that the original exemption could lead to the release of 100 million barrels of Russian crude onto the market, an amount close to a full day of global production.