German Chancellor Criticizes U.S. Waiver on Russian Oil Sanctions

German Chancellor Friedrich Merz criticized the U.S. decision to issue a 30-day waiver allowing countries to purchase sanctioned Russian oil. Despite efforts to stabilize oil prices amid conflicts involving Iran, oil prices remain high. Merz affirmed Germany's non-participation in the conflict.

German Chancellor Friedrich Merz voiced strong objections on Friday against the United States' recent decision to grant a temporary waiver that allows countries to buy sanctioned Russian oil and petroleum merchandise that are stranded at sea.

Speaking at a press conference with his Norwegian counterpart, Merz stated, "We believe that is wrong. There is currently a problem with prices, but not with supply. And in that respect, I would like to know what other factors led the U.S. government to take this decision."

The waiver seemingly aimed to ease skyrocketing oil and gas prices, driven by geopolitical tensions in the Middle East. Despite the move, prices saw little reprieve with Brent crude reaching $101 per barrel. Amidst these tensions, Merz reaffirmed Germany's stand by stating, "Germany is not part of this war, and we do not wish to become one."

(With inputs from agencies.)