US Treasury issues 30-day waiver for Russian oil sales
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Washington: The US Treasury this week extended a 30-day sanctions waiver permitting the sale of Russian oil after representatives from more than ten energy‑vulnerable countries requested the measure during IMF and World Bank Spring Meetings; Treasury Secretary Scott Bessent testified to the Senate on April 22–23 that the waiver aimed to maintain supply and avoid sharp price spikes.
Washington: Secretary Bessent defended the waiver at Senate hearings this week, saying it placed roughly 250 million barrels 'on the water' and helped prevent prices rising toward $150 per barrel; Democratic senators, including Chris Coons, argued the exemption risks sending revenue to Russia or Iran, while the Treasury reiterated it rejected estimates of $14 billion in Iranian gains.
More context
Timeline
- 1. March 5: US granted India a one-month exemption to buy Russian oil beginning March 5.
- 2. 2. Mid-April: During IMF and World Bank Spring Meetings, representatives from more than ten vulnerable countries requested an extension of the waiver.
- 3. 3. Mid-April: Treasury Secretary Scott Bessent initially indicated the waiver would not be extended.
- 4. 4. Prior to Apr 22: Department of the Treasury announced a 30-day sanctions waiver for the sale of Russian oil (announced Friday night).
- 5. 5. April 22–23: Secretary Bessent testified before Senate committees, defending the waiver and disputing estimates of large Iranian gains.
Why it matters
The waiver on Russian oil sales impacts your wallet. It's a move to prevent sudden hikes in gas prices. If you're budgeting for summer road trips, keep an eye on the pump.
Sources
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
