US Has No Plans to Renew Russian, Iranian Oil Waivers: Treasury Secretary

The United States is not going to prolong waivers for Russian and Iranian oil and petroleum products, US Secretary of the Treasury Scott Bessent told Associated Press (AP).

“Not the Iranians … We have the blockade, and there’s no oil coming out. And we think in the next two, three days, they’re going to have to start shuttering production, which will be very bad for their wells,” Bessent told AP.

The Secretary added that he could not imagine another extension of oil waivers for Russia.

In March, the US Office of Foreign Assets Control issued general licenses authorizing all transactions involving Russian and Iranian oil already loaded on vessels through April 11 and April 19, respectively. 

On March 21, NBC News reported that the measures could bring Iran more than $14 billion, though US Bessent later dismissed the estimate as “a myth.”

On April 14, the US Treasury said it would allow the sanctions waiver on Iranian oil to expire. On April 17, the Treasury issued a general license for sales of Russian oil loaded onto ships as of April 17 through May 16.

On February 28, the United States and Israel launched strikes on targets in Iran, including in Tehran, causing damage and civilian casualties. Iran responded by striking Israeli territory and US military facilities in the Middle East.

The escalation has nearly halted traffic in the Strait of Hormuz, a key route for the delivery of oil and liquefied natural gas from Persian Gulf countries to global markets, driving up fuel prices.

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