[Stay on top of transportation news: Get TTNews in your inbox.]
U.S. Plans New Russian Oil Waiver as War Tightens Supplies
Administration Under Pressure to Lower Fuel Prices
The U.S. is expected to issue a waiver allowing the sale of Russian crude oil and petroleum products that are already loaded on tankers, according to people familiar with the matter, just days after the previous one lapsed.
The new license, which is expected to be issued by the Treasury Department’s Office of Foreign Assets Control, could last for a period longer than 30 days or be subject to additional renewals as the war in Iran drags on, according to the people, who requested anonymity to discuss the decision before it was public.
The decision to authorize a new waiver underscores the pressure President Donald Trump’s administration faces to rein in higher fuel costs and address a global supply crunch caused by the war.
A Treasury spokesperson did not immediately respond to a request for comment.
The department previously issued two waivers — known as general licenses — that covered the same activity.
The first one, issued in March, expired after 30 days. U.S. Treasury Secretary Scott Bessent said it would not be renewed, only to reverse the decision a few days later. The second waiver expired on May 16.
Image
Bessent had previously cited entreaties from poorer nations as the reason behind refreshing the license. The move may frustrate European allies, which see sanctions against Moscow as essential to starving it of revenue it needs to continue the war in Ukraine.
Yet Asian nations that import large amounts of crude have lobbied for extended relief from sanctions.
