The US Treasury Department has renewed a sanctions exemption permitting Russian crude oil and petroleum products already loaded onto tankers to be delivered and sold without restriction, despite earlier statements suggesting the waiver would not be extended.
The Treasury’s Office of Foreign Assets Control issued a general license on Friday covering Russian oil loaded onto vessels as of April 17, authorizing related transactions through May 16. This replaces a previous 30-day order that took effect on March 19 and extends to services including safe docking, crew safety, emergency repairs, and insurance—even for vessels previously sanctioned under US measures.
The initial waiver, introduced in March, was intended to mitigate oil price volatility triggered by the Iran war and the de facto closure of the Strait of Hormuz. However, Treasury Secretary Scott Bessent had told reporters two days earlier that waivers on Russian and Iranian oil would not be extended.
Russian officials have downplayed the significance of the measure. Foreign Minister Sergey Lavrov described the waiver as meaningless, noting that tankers already at sea continued their journeys unaffected. “Sanctions do not exist for us, as well as for our conscientious, respectable partners,” he said. Kremlin spokesman Dmitry Peskov emphasized Russia’s role as a reliable supplier of oil and gas, calling for a peaceful resolution to the Middle East conflict while acknowledging increased global demand for Russian energy.
The exemption has drawn criticism from European officials. European Commission President Ursula von der Leyen said it is “not the time to relax sanctions against Russia.” Ukrainian President Vladimir Zelensky warned the move could provide Russia with approximately $10 billion in additional revenue for its war effort.
Russia has seen significant economic gains from the geopolitical tensions, with soaring oil prices generating an estimated $150 million in extra daily revenue. The waiver ensures that already-loaded shipments can reach their destinations without disruption, maintaining supply chain stability while prolonging the flow of Russian energy exports to global markets.
