The U.S. Treasury Department has extended a pause on sanctions for Russian oil shipments to ease shortages and control global energy prices that have surged during the Iran war. This general license allows countries to purchase Russian oil that was loaded on tankers as of Friday through May 16, extending an original 30-day waiver that had expired on April 11.
The decision comes as a reversal of previous statements from the Trump administration. Secretary Scott Bessent had ruled out renewing general licenses for both Russian and Iranian oil during a White House appearance on Wednesday. The administration did not immediately explain the reversal.
The announcement was made hours after Iran stated that the Strait of Hormuz was open to commercial ships. Meanwhile, lawmakers from both sides of the political aisle have accused the government of going easy on Moscow as its war on Ukraine grinds on. The extension underscores how the fallout from the Iran war has boosted Moscow’s ability to profit from its energy exports, which had been restrained since the invasion of Ukraine.