The Treasury Department’s waiver lets countries purchase Russian oil and petroleum products loaded on vessels as of Friday through May 16.
It replaces a 30-day waiver that expired on April 11 and excludes transactions involving Iran, Cuba and North Korea.
The move is part of the administration’s effort to control global energy prices that have shot higher during the US-Israeli attacks on Iran.
It came after countries in Asia, suffering from the global energy shock, pressed Washington to allow alternative supplies to reach markets.
“As negotiations [with Iran] accelerate, Treasury wants to ensure oil is available to those who need it,” a Treasury Department spokesperson said. Just two days earlier, Treasury Secretary Scott Bessent said Washington would not be renewing the waiver for Russian oil and another for Iranian oil, which is set to expire on Sunday.
High oil prices are a threat to President Donald Trump’s fellow Republicans ahead of November’s midterm elections.
The waiver on Iranian oil, which the Treasury Department issued on March 20, allowed about 140 million barrels of oil to reach global markets and helped relieve pressure on energy supply, Bessent said last month. (Reuters)
