US Treasury Secretary: May Shift to Country-Specific Approvals for Russian Oil Sanctions Waiver

With the US temporary sanctions waiver on Russian oil set to expire, Treasury Secretary Scott Bessent said today that future waivers may be issued on a country-specific basis, allowing certain countries to purchase Russian oil. As the Middle East war drives up global energy prices, the Trump administration has twice extended the waiver for Russian oil cargoes already in transit, with the current extension set to expire on June 17. Speaking before the House Ways and Means Committee, Bessent stated, "If there are further waiver measures, I would prefer to issue them on a country-specific basis rather than a general application." Addressing concerns that the waiver would benefit Moscow and impact the war in Ukraine, Bessent explained, "The additional revenue Russia can gain from the temporary waiver is extremely limited. Russian oil is already exported to China; the temporary waiver simply provides an opportunity for Russian oil to flow to US allies." In retaliation for US attacks, Iran has almost completely blocked navigation through the Strait of Hormuz, causing energy prices to skyrocket and severely impacting countries heavily dependent on oil imports.