Overview
- Secretary of State Marco Rubio told the Senate Foreign Relations Committee on Tuesday that the administration wants to end the time-limited waivers “as soon as we possibly can,” but he said the final decision rests with the U.S. Department of the Treasury.
- The current series of monthly licences began in March to allow already-loaded Russian crude to reach buyers after disruptions to shipping routes, and the latest temporary 30-day general licence was issued by Treasury Secretary Scott Bessent to help 'the most vulnerable nations' move stranded cargoes.
- The active general licence is scheduled to expire on June 17 and Treasury has the sole authority to extend or let it lapse, a choice that would restore tighter sanctions enforcement on Russian oil sales.
- Ending the waiver would directly affect major buyers such as India by forcing refiners to seek alternative suppliers, raising transport and insurance costs and likely increasing local fuel prices for consumers.
- Lawmakers pressed the issue in Congress, with Senator Jeanne Shaheen urging a commitment to allow the waiver to expire and critics warning the exemption has benefited Russia even as officials argue it was a temporary measure to stabilise global markets.