Bessent Signals Country-Specific Russian Oil Waivers for US Allies, Saying Moscow Gains Little Extra Revenue
Updated
Updated · Bloomberg · Jun 4
Bessent Signals Country-Specific Russian Oil Waivers for US Allies, Saying Moscow Gains Little Extra Revenue
3 articles · Updated · Bloomberg · Jun 4
Summary
Scott Bessent told the House Ways and Means Committee on Thursday that any future US waivers for buying Russian oil would likely be granted country by country, not broadly.
Bessent said the approach would let US allies access Russian crude while limiting benefit to Moscow, arguing the current waivers have produced very little incremental revenue for the Russian Federation.
Russian oil was already headed to China, he said, and the waivers mainly redirected some of those barrels toward US partners rather than creating major new demand.
The testimony signals Washington may keep using narrowly tailored exemptions to manage energy supply for allies while trying to preserve pressure on Russia.
Are US oil waivers stabilizing markets, or just providing Russia with billions in war funding?
Washington reversed its Russian oil policy in 48 hours. What does this signal about the global energy crisis?
Russian Oil Waiver in May 2026: How the Iran War Exposed Western Sanctions Limits and Shaped Global Energy Security
Overview
In May 2026, the Trump administration extended the US sanctions waiver for Russian seaborne oil, aiming to stabilize global energy markets amid severe disruptions. However, this move sparked strong criticism from both international allies and US political leaders. Ukraine and European countries argued the waiver would boost Russia’s economy by increasing its oil revenues, while Senators Shaheen and Warren called it an indefensible gift to Putin, claiming it directly funds Russia’s war against Ukraine. Critics also pointed out that the waiver failed to lower gasoline prices for Americans, questioning its effectiveness and ethical justification.