U.S. Extends Russian Oil Sanctions Waiver

The U.S. has extended a sanctions waiver, allowing countries to purchase Russian oil until May 16, following its expiration on April 11. The waiver does not authorize transactions with Iran, North Korea, Cuba, or parts of Ukraine. This decision impacts oil trade amid geopolitical tensions.

The United States has extended a sanctions waiver, allowing global purchases of Russian oil until May 16, days after ruling out its renewal. The extension, announced late Friday by the U.S. Department of Treasury, applies to cargo loaded on ships on or before April 17.

This waiver impacts countries previously exempted from sanctions, including India, as global oil markets face disruptions due to heightened geopolitical tensions. Noteworthy is that this extension excludes transactions involving Iran, North Korea, Cuba, or parts of Ukraine.

The waiver previously facilitated access to 140 million barrels of Russian oil, countering the ongoing economic uncertainties amid U.S.-Iran conflicts. Treasury Secretary Scott Bessent confirmed the non-renewal of similar waivers for Iranian oil, underscoring complex international oil trading dynamics.

(With inputs from agencies.)