Bessent Extends Russian Oil Waiver 30 Days as G7 Confronts $100 Crude Shock
Updated
Updated · The New York Times · May 18
Bessent Extends Russian Oil Waiver 30 Days as G7 Confronts $100 Crude Shock
8 articles · Updated · The New York Times · May 18
Scott Bessent late Monday restored a sanctions exemption for some Russian oil sales for 30 days after the prior license expired, saying it would keep crude flowing to energy-vulnerable countries.
The waiver covers Russian oil already at sea and is meant to stabilize physical crude markets as the Iran war disrupts supply and pushes prices above $100 a barrel.
Bessent announced the reprieve while urging G7 counterparts in Paris to tighten sanctions on Iran and curb illicit finance funding Tehran’s war effort.
European officials have pressed Washington not to ease pressure on Moscow, arguing support for Ukraine and tougher Russia sanctions should remain central even as governments try to contain the energy shock.
With the Strait of Hormuz closed, what is the long-term plan for global energy security?
How can the US lower gas prices without funding its adversaries' war efforts?
As India buys Russian oil, are new energy alliances being forged by the Iran war?