US Defends Extension of Russian Oil Sanctions Waiver
US Treasury Secretary Scott Bessent told a Senate appropriations subcommittee on Wednesday that the extension was prompted by concerns raised by several countries heavily dependent on energy imports. He said officials from more than ten “energy-vulnerable” nations urged Washington to continue the temporary relief during recent IMF and World Bank meetings.
The waiver extends permission for the shipment of Russian oil and petroleum products already loaded onto tankers, with the measure now valid until May 16. It follows a previous 30-day easing period that had expired earlier in April.
According to reports, global fuel markets have been under pressure following disruptions to shipping routes in the Strait of Hormuz, a key corridor for global oil transport. Reduced stability in the region has contributed to higher crude prices and increased fuel costs worldwide, particularly in countries reliant on supplies from the Gulf.
Bessent said the policy allowed the movement of more than 250 million barrels of oil already in transit, helping to stabilize supply. He argued that without the additional volumes, prices could have climbed significantly higher, potentially reaching far above current levels, and said the decision was aimed at protecting consumers in the US and allied countries from further price increases.
In the United States, fuel costs have risen noticeably in recent months. According to industry data cited in reports, the national average price of gasoline has climbed above $4 per gallon, up from under $3 earlier in the year, adding pressure on household budgets.
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