The US administration has extended a limited waiver allowing global buyers to purchase Russian oil cargoes already in transit, despite earlier signals that such relief would end.
In a notice issued late Friday, the US Treasury Department granted a new licence offering roughly a one-month window. The waiver permits countries to buy Russian crude and petroleum products loaded onto vessels as of Friday, and will remain in effect until 12:01 am (0401 GMT) on May 16. It replaces a previous 30-day exemption that expired on April 11.
The move marks a reversal from remarks made just days earlier by Treasury Secretary Scott Bessent, who had stated that waivers for Russian and Iranian oil would not be renewed. He had noted that earlier exemptions applied only to cargoes already in transit prior to March 11.
These waivers are part of broader efforts to stabilise global energy markets amid disruptions linked to the ongoing US-Israeli conflict with Iran. Since late February, the crisis has strained supply chains, particularly after joint US-Israeli strikes prompted Iran to tighten its hold over the Strait of Hormuz—a key route that previously carried about one-fifth of the world’s energy flows.
The resulting supply pressures have driven oil prices higher, impacting economies worldwide, especially those dependent on energy imports.
An earlier waiver issued on March 20 allowed approximately 140 million barrels of Iranian oil to reach international markets, helping ease supply concerns. That arrangement is set to expire soon.
However, the renewed relief for Russian shipments has faced bipartisan criticism in Washington, with lawmakers arguing it could indirectly support economies at odds with US interests.
Previously, Russian presidential envoy Kirill Dmitriev had said the initial waiver could release up to 100 million barrels of crude into global markets—roughly equivalent to a full day of worldwide oil production.
