Overview
- The Treasury, which announced the move Monday after a prior waiver lapsed Saturday, renewed a general license that lets cargoes of Russian crude already on the water be delivered and sold for the next 30 days.
- The waiver applies only to oil loaded before the cutoff and shields buyers from secondary sanctions risk through an OFAC general license, which is a time‑limited permission for specific transactions.
- Treasury Secretary Scott Bessent said the extension helps stabilize the physical crude market and ensures supplies reach vulnerable countries as the Iran war and Hormuz restrictions strain global flows.
- Democratic Senators Jeanne Shaheen and Elizabeth Warren condemned the step as a gift to Vladimir Putin, while CFR estimates say earlier waivers boosted Russia’s oil revenue by roughly $150 million per day in March.
- India said it has been buying Russian crude before, during, and after U.S. waivers, though the renewal makes deliveries easier for its refiners by reducing sanctions risk during a period of tighter supplies and higher pump prices.