While the Strait of Hormuz has just been unblocked by Iran, the United States has announced the extension, until May 16, of the suspension of most sanctions targeting Russian oil. This announcement follows an initial temporary lifting of sanctions against the Kremlin to mitigate the surge in oil prices in the context of the Middle East conflict.
A turnaround in Washington. While US Treasury Secretary, equivalent to the Minister of Finance in the United States, Scott Bessent, had announced on Wednesday, April 15, that Washington would not extend the suspension of sanctions targeting Russian oil, the opposite has finally been decided. “We will not renew the license on Russian oil,” he assured in a press conference.
Iran, North Korea, Cuba…
But on Friday, April 17, the US Treasury Department temporarily extended the suspension of most sanctions targeting the Russian oil industry until May 16. Initially taken to alleviate fuel prices, which had skyrocketed following the outbreak of the war in the Middle East, this decision comes as Iran announced the reopening of the Strait of Hormuz, leading to an immediate drop in oil prices.
In detail, the suspension of sanctions concerns all operations related to the loading and delivery of oil from Russia, including those involving Russian ghost fleet vessels. Transactions with Iran, North Korea, Cuba, as well as the occupied Ukrainian regions including Crimea, remain prohibited, as reported by Le Monde.
Originally, the economic sanctions on Russian oil aim to reduce the revenues of the Russian authorities and therefore limit their war economy. Recall that Russia invaded Ukraine on February 24, 2022. More than four years later, the fighting continues.
Published on April 18 at 08:10, By Enora Foricher, 6Medias
/2023/08/21/64e385df259cf_thibaud-template-live.png "Direct. War in the Middle East: Iran threatens to close the Strait of Hormuz if the United States maintains their blockade of Iranian ports.")
