US Treasury allows sanctions waiver on Russia’s seaborne oil to lapse
The US Treasury has allowed a sanctions waiver on Russian seaborne oil to lapse, impacting countries like India. This decision faced opposition from Democratic senators who argued it was aiding Russia's war in Ukraine without benefiting American consumers. US gasoline prices have surged to their highest levels since 2022, despite previous efforts to control energy costs.
- ▪The sanctions waiver allowed countries, including India, to purchase Russian seaborne oil.
- ▪Democratic senators opposed the waiver's renewal, citing concerns over funding Russia's war in Ukraine.
- ▪US gasoline prices have reached $4.50 a gallon, the highest since 2022, amid rising oil prices.
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US Treasury allows sanctions waiver on Russia’s seaborne oil to lapseSign up now: Get ST's newsletters delivered to your inboxThe waiver was aimed at easing oil supply shortages and high prices due to Iran’s closure of the Strait of Hormuz.PHOTO: REUTERSPublished May 17, 2026, 03:08 AMUpdated May 17, 2026, 03:40 AMListenSummariseThe Trump administration let a sanctions waiver for Russian seaborne oil purchases lapse on May 16, impacting buyers like India.The waiver's non-renewal, despite prior efforts to ease Iran War price spikes, faced senator opposition over aiding Russia's war in Ukraine.US gasoline prices reached US$4.50 a gallon, highest since 2022, despite previous efforts to control energy costs, with oil above US$100.AI generatedWASHINGTON - The Trump administration on May 16…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Straits Times — World.