The United States does not intend to again extend the authorization allowing purchases of Russian oil already loaded onto ships and currently at sea, Treasury Secretary Scott Bessent said in an interview with the Associated Press.
According to him, the same decision has been made with regard to Iranian oil—no further extension is planned.
Bessent said the temporary easing of sanctions had been linked to requests from “more than 10 of the most vulnerable and poorest countries,” whose representatives he met last week during World Bank and IMF events. “It was done for those vulnerable and poor countries. But I do not think there will be another extension. I think the Russian oil that was at sea has now mostly been bought up,” he said.
After the conflict in the Middle East began and Iran closed the Strait of Hormuz—one of the key routes for seaborne oil exports—energy prices surged. In response, the United States temporarily eased sanctions in mid-March, allowing for 30 days the purchase of Russian oil loaded onto tankers before March 12 and already at sea. Similar relief was also granted for Iranian oil.
At the end of March, Bessent estimated that Moscow would be able to earn no more than $2 billion in additional revenue from the decision.
After the 30-day period expired and the Treasury’s temporary license remained in effect through April 11, Bessent said no extension was being planned. U.S. Energy Secretary Chris Wright then said: “It was a broad relief measure. I do not think you will see it extended.”
Nevertheless, on April 18 the U.S. Treasury issued a new license allowing the purchase of Russian oil loaded onto ships before April 17, thereby extending the relief measures.