The United States has extended the suspension of most sanctions on the Russian oil industry as oil prices have been fluctuating sharply in recent days due to the war in the Middle East.
The U.S. Treasury Department has temporarily extended the suspension on Friday, April 18, until May 16, for most sanctions targeting the Russian oil industry. This decision comes as the resumption through the Strait of Hormuz has led to a significant drop in oil prices.
The decision, effective immediately, applies to all operations related to the loading and delivery of oil from Russia, including to ships from the Russian ghost fleet that were previously sanctioned. The only limitation is that transactions with Iran, North Korea, Cuba, as well as the occupied Ukrainian regions, including Crimea, remain prohibited.
A temporary waiver was put in place in March by the U.S. government. Sanctions on Russian oil stored at sea were temporarily lifted with the aim of curbing the surge in oil prices. However, Treasury Secretary Scott Bessent stated on Wednesday that this suspension would not be extended beyond the initial period.
“We will not renew the license for Russian oil,” he said at a press conference.
The U.S. government imposes sanctions on the oil resources of Russia and Iran to cut off revenues to the authorities of these countries. This is to punish Moscow for the invasion of Ukraine and Iran for its nuclear program and funding of armed groups like the Lebanese Hezbollah.
However, in March, Washington implemented a temporary waiver to allow the oil from these countries to be sold in order to moderate the spike in prices following the war in the Middle East.
