Trump Administration Renews Russian Oil Waiver Amid Global Energy Crisis
The Trump administration has renewed a waiver allowing countries to purchase sanctioned Russian oil at sea, effective until May 16. This decision comes as global energy markets face significant disruptions due to ongoing conflicts, including the US-Israeli war with Iran. The waiver, which excludes transactions involving Iran, Cuba, and North Korea, replaces a previous 30-day waiver that expired on April 11. The move aims to stabilize soaring global energy prices, which have been exacerbated by the conflict. Treasury Secretary Scott Bessent initially indicated that the waiver would not be renewed, but pressure from Asian countries and other global partners led to a reversal. The waiver is expected to impact an additional 100 million barrels of Russian oil, bringing the total affected volume to 200 million barrels. 
