U.S. Treasury Extends Russian Oil Sanctions Waiver Amid Global Pressure

The U.S. Treasury has extended its sanctions waiver on Russian seaborne oil for an additional 30 days. This decision comes after several countries, affected by the Gulf oil supply disruptions, requested more time. The waiver, aimed at easing supply shortages, has had mixed results on oil prices.

The U.S. Treasury has confirmed an extension of its sanctions waiver on Russian seaborne oil, following appeals from multiple countries needing additional time to purchase their supplies. The extension, lasting 30 days, was necessary due to Gulf oil disruptions caused by the Iran conflict, according to an inside source.

Despite the waiver's extension, oil markets saw a surge in prices. As of Monday, Brent oil futures climbed by 1.5% to approximately $111 per barrel. This increase reflects ongoing concerns about supply, even as the possibility of the U.S. easing Iranian oil sanctions looms amidst peace negotiations.

U.S. Treasury Secretary Scott Bessent, speaking in Paris at a Group of Seven finance leaders meeting, urged allied countries to intensify enforcement of Iran sanctions. Bessent emphasized the importance of cutting off illicit finance that bolsters the Iranian war effort, encouraging allies to redirect seized funds back to the Iranian populace.