US extends Russian oil sanctions waiver despite earlier vow to end it: Here's why

Trump administration issued a one-month extension in sanctions waiver to enable countries that want to purchase oil and petroleum products from Russia.

The announcement was made on Friday, April 17, reversing Treasury Secretary Scott Bessent’s statement, which declared not to renew the waiver just two days earlier.

This license, which was granted by the Department of the Treasury, permits the sale of Russian oil and its products that are transported in any vessel starting Friday until May 16. This new license replaces a previous 30-day waiver that has expired on April 11.

This change happened amid the volatile price of energy around the globe following the war between the US and Israel against Iran. This is because the shipments of oil in the Strait of Hormuz have been blocked due to the US blockade in the waters of Iran.

The Department’s spokesperson said: “Treasury wants to ensure oil is available to those who need it.”

The announcement was made after mounting pressure from Asian countries, which are facing a severe energy crisis and bearing price shocks.

However, both political parties in the U.S. have criticised the move.