U.S. Treasury to extend sanction waiver on Russian seaborne oil, source says
The U.S. Treasury has decided to extend its sanctions waiver on Russian seaborne oil for an additional 30 days. This extension comes after requests from several countries that are struggling to secure oil supplies due to geopolitical tensions. Despite the waiver, oil prices remain high, with Brent futures rising about 1.5% amid ongoing supply concerns.
- ▪The sanctions waiver on Russian seaborne oil was set to expire on May 16, 2026, but has been extended by 30 days.
- ▪Several countries requested the extension due to difficulties in obtaining Gulf oil supplies caused by the Iran war.
- ▪The waiver was initially issued in March to alleviate oil supply shortages and mitigate price spikes related to U.S.-Israeli actions against Iran.
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The U.S. Treasury will extend its sanctions waiver on Russian seaborne oil, which lapsed on Saturday (May 16, 2026), after several countries asked for more time to buy it, a source familiar with the decision said on Monday (May 18). Will buy Russian oil despite U.S. waiver expiry provided it makes commercial sense: OfficialThe waiver will last another 30 days and was sought by several poor and vulnerable countries cut off from Gulf oil supplies by the Iran war and the closure of the Strait of Hormuz, the source said. The source declined to name the countries requesting the extension. The action marks the second time the Treasury has allowed the sanctions waiver to lapse and subsequently extend it.
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