US extends waiver on Russian seaborne oil sanctions by 30 days

The United States Department of the Treasury has granted a 30-day extension to the waiver on sanctions concerning seaborne Russian oil shipments. The original deadline for this waiver expired on Saturday. This decision follows requests from several countries seeking additional time to complete oil purchases. According to official reports, the extension is intended to provide greater flexibility and facilitate the issuance of special licenses based on regional energy needs. Bessent stated on the X platform that this general license aims to stabilize the global crude oil market and ensure supply to countries experiencing significant energy difficulties. Reports suggest the initial waiver was implemented to counteract supply shortages and price hikes attributed to the closure of the Strait of Hormuz during US-Israel military operations. However, some analyses indicate that this measure has had a limited impact on stabilizing fuel prices within the United States.