U.S. Extends Waiver on Russian Oil Sanctions Amid Global Tensions

The U.S. has extended a waiver allowing the purchase of Russian oil at sea, aiming to stabilize soaring global energy prices amid the U.S.-Israeli conflict with Iran. The extension, valid until May 16, could impact Western efforts to limit Russian revenue amidst its conflict with Ukraine.

In a move aimed at addressing soaring global energy costs, the Trump administration has granted a temporary waiver, permitting countries to buy sanctioned Russian oil at sea. This decision, announced Friday, is a response to escalating tensions and rising prices during the U.S.-Israeli conflict with Iran.

The extension, effective through May 16, follows an original 30-day waiver that ended on April 11. Despite the extension, U.S. Treasury Secretary Scott Bessent confirmed no renewal is planned, emphasizing the temporary nature of this measure to circumvent U.S. sanctions during current geopolitical stresses.

While this waiver could temporarily increase global oil supplies by allowing the purchase of 100 million barrels of Russian crude, it hasn't stopped price hikes resulting from regional disruptions. Moreover, this decision might strain relations with allies like the EU, which advocates for maintaining pressure on Russia amid its military actions in Ukraine.

(With inputs from agencies.)