White House appears to let Russian oil sanctions waiver lapse
The United States appears to have let a waiver on sanctions of Russian oil expire after renewing it last month.
In April, the Treasury Department posted on its website a license authorizing the delivery and sale of crude oil and petroleum products from Russia through May 16, excluding Iran, Cuba and North Korea. Trump administration officials said this was aimed at easing oil prices amid the Iran war, during which the Strait of Hormuz has been effectively closed.
“As negotiations [with Iran] accelerate, Treasury wants to ensure oil is available to those who need it,” a Treasury Department spokesperson told Reuters at the time.
The move, though, was heavily criticized by both Republican and Democratic lawmakers, especially because of Russia’s war with Ukraine. Bessent previously said that the U.S “will not be renewing the general license on Russian oil.”
U.S. Senators Jeanne Shaheen, D-N.H., and Elizabeth Warren, D-Mass., both implored the Trump administration not to renew the sanctions waiver on Friday.
“Treasury must finally end its ill-conceived policy of helping Russia make even more money from President Trump’s reckless war in Iran. With the average price of gas above $4.50 a gallon, there is no evidence that this license is reducing costs for American families burdened by the President’s conflict in the Middle East,” the senators said. “Meanwhile, Trump is lining Putin’s coffers at the same time that Russia has offered Iran assistance in targeting and killing American service members.”
As of Sunday morning, there was no renewal notice posted on the U.S. Treasury Department’s website.
Straight Arrow reached out to the Treasury Department for comment.
Ella Rae Greene, Editor In Chief
