US Extends Waiver for Russian Oil Purchases Until May 16
The US Treasury Department has extended a waiver allowing countries to purchase Russian oil and petroleum products loaded onto vessels as of Friday, valid until 12:01 am (0401 GMT) on May 16. This decision reverses earlier statements from Treasury Secretary Scott Bessent, who indicated that such waivers would not be renewed. The renewed license aims to manage energy market volatility amid ongoing conflicts in the Middle East, particularly affecting the Strait of Hormuz, a crucial route for global oil supplies. Critics, including bipartisan US lawmakers, argue that the waivers could inadvertently support economies involved in conflicts with the US and its allies. The previous waiver, issued on March 20, facilitated the release of around 140 million barrels of Iranian oil into global markets.
Published 3 days ago • 18 Apr 2026, 08:09 AM IST