Russian oil will come under US sanctions again. The one-month suspension will not be extended
US Secretary of the Treasury Scott Bessent announced on Wednesday that the United States will not extend the suspension of sanctions targeting Russian oil delivered by sea, which was suspended last month to mitigate the impact of rising oil prices, reports AFP.
“We will not renew the license for Russian oil,” said Scott Bessent. Sanctions on Russian oil were instituted by the United States as a way to punish Moscow for invading Ukraine by reducing Russia's revenues from hydrocarbon production.
But on March 13, the United States issued a 30-day waiver for countries that want to be able to buy sanctioned Russian oil and petroleum products that are currently blocked at sea, in a move that Treasury Secretary Scott Bessent described as a step toward stabilizing global energy markets, according to Reuters.
Russian presidential envoy Kirill Dmitriev said at the time that the waiver granted by the US to countries to buy sanctioned Russian oil covered about 100 million barrels of Russian crude.
“Amid the deepening energy crisis, further easing of restrictions on Russia's energy supply looks increasingly inevitable, despite the resistance of some Brussels bureaucrats,” Dmitriev wrote in a post on the Telegram messaging app.
As of March 13, there were about 124 million barrels of oil of Russian origin at sea in 30 different locations globally, according to Fox News calculations.
