Trump Administration Extends Russian Seaborne Oil Sanctions Waiver By 30 Days

The Trump administration has extended its sanctions waiver on Russian seaborne oil cargoes by 30 days, as global energy markets remain under pressure due to disruptions linked to the ongoing Iran war and the closure of the Strait of Hormuz.

The announcement was made by US Treasury Secretary Scott Bessent in a post on X, where he said the US Treasury was issuing a “temporary 30-day general license” to allow vulnerable countries to access Russian oil currently stranded at sea.

“US Treasury is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea,” Bessent wrote.

.@USTreasury is issuing a temporary 30-day general license to provide the most vulnerable

nations with the ability to temporarily access Russian oil currently stranded at sea.

This extension will provide additional flexibility, and we will work with these nations to provide…

— Treasury Secretary Scott Bessent (@SecScottBessent) May 18, 2026

The US Treasury Secretary said the extension would provide “additional flexibility” and help ensure oil reaches “the most energy-vulnerable countries.”

“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” he wrote.

He also added that the move would help stabilise physical crude markets and redirect supplies to countries most in need. The waiver, he said, would also “reduce China’s ability to stockpile discounted oil.”

Meanwhile, responding to Bessent’s social media post, Russian President Vladimir Putin’s special envoy Kirill Dmitriev welcomed the move and called it a “positive” step for global energy markets and energy security.

Waiver extension on Russian oil is very positive for global energy markets and energy security.

🇷🇺🤝🇺🇸 https://t.co/pJvG2dxKDf

— Kirill Dmitriev (@kadmitriev) May 18, 2026

The earlier waiver for Russian at-sea oil expired on May 16. It was first issued in March to ease pressure on global fuel supplies by allowing cargoes already in transit to reach buyers despite sanctions restrictions.

Global oil prices have risen sharply since the start of the Iran war, with US consumers facing gasoline costs that are now more than 50 per cent higher than pre-war levels. The energy disruption has added further strain to already tight markets.

The move has also faced criticism from Ukrainian President Volodymyr Zelenskyy, whose country has been at war with Russia since its 2022 invasion.

(With inputs from agencies)