The US isn't planning to extend the temporary exemption from sanctions that allows countries to purchase Russian and Iranian oil products already at sea, said US Treasury Secretary Scott Bessent in an interview with the Associated Press (AP) published on the evening of Friday, April 24. Moreover, the issue of extending the one-time exemption previously granted for energy resources from Iran isn't even on the agenda, the Secretary explained.
Bessent admitted that the previous exemption for Russian oil was made after being requested by 'over 10 of the most vulnerable and poorest countries' during meetings of the World Bank Group and the International Monetary Fund (IMF) in mid-April. 'This was done for those vulnerable and poor countries. But I can't imagine we'll have another extension. I think Russian oil at sea is mostly depleted,' he explained.
At the same time, pressure on Iran, believes Scott Bessent, will soon force Tehran to cut oil production: 'We think that in the next two to three days they will have to start cutting production, which will be very bad for their wells.'
The USA has extended the partial lifting of sanctions on Russian oil until May 16.
On April 18, Reuters reported that the USA has extended the license for the sale of Russian oil and petroleum products already loaded onto tankers until May 16. Prior to this, Scott Bessent stated that Washington would not extend the exemptions.
The previous easing of US restrictions on Russian oil exports was introduced on March 13 amid rising energy prices due to the war in Iran and the blockage of the Strait of Hormuz, lasting for 30 days. At that time, Bessent called it a 'narrow-focused and short-term' measure that should not significantly impact Moscow's oil revenues. However, the New York Times reported on April 13 that after the easing of US sanctions, Russia was raking in over $100 million daily from oil sales.
Opposition to the temporary easing of restrictions came from, among others, Ukrainian President Volodymyr Zelensky and the country's ambassador to the United States, Olga Stefanishina.
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