No extension of US sanctions relief for Russian oil

“We will not extend the general authorization for Russian oil, and we will not extend the general authorization for Iranian oil. This was oil that was at sea before March 11th. So that’s all used up,” Bessent said at a White House press briefing. The moves signal the end of the Trump administration’s efforts to release more oil supplies and reduce rising global energy prices by easing sanctions.

Iran’s waiver, granted by the Treasury Department on March 20, allowed around 140 million barrels of oil to enter global markets and helped ease wartime pressures on energy supplies, Bessent said last month. The exemption expires on April 19th.