Photo: EPA
The United States will extend a sanctions exemption allowing limited purchases of Russian oil for another 30 days, according to Reuters.
The previous waiver expired on Saturday, but the US Treasury Department reportedly decided to prolong it after several countries requested additional time to continue buying Russian oil already at sea.
The exemption was introduced after the outbreak of war involving Iran, as Washington sought to ease potential supply shortages and rising oil prices caused by disruptions around the Strait of Hormuz. The waiver specifically permits transactions involving Russian oil cargoes currently being transported by sea.
However, Reuters noted that the measure has done little to lower fuel prices in the United States.
US Treasury Secretary Scott Bessent previously argued that the sanctions relief would not provide major financial benefits to the Russian government. At the same time, media reports claimed that Russia was earning more than $100 million in additional daily revenue following the easing of restrictions.
The International Energy Agency also reported earlier that Russia’s oil revenues in March nearly doubled compared to February, reaching approximately $19 billion.
