The United States extends the suspension of most sanctions against Russian oil

The US Treasury Department has extended the suspension of most sanctions targeting the Russian oil industry until May 16, a decision made following Iran’s reopening of the Strait of Hormuz which led to a significant drop in oil prices. The suspension applies to all operations related to loading and delivering oil from Russia, including to Russian ghost fleet vessels previously under sanctions, with the only exception being transactions with Iran, North Korea, Cuba, and occupied Ukrainian regions such as Crimea.

In March, the US government temporarily lifted sanctions on Russian oil stored at sea to help mitigate the surge in oil prices due to the Middle East conflict. Treasury Secretary Scott Bessent confirmed on Wednesday that this suspension would not be extended beyond the initial period, stating, “We will not renew the license for Russian oil.”