Overview
- The Treasury extended for 30 days a license allowing sale of Russian oil loaded before April 17, with deliveries permitted through 12:01 am GMT on May 16, in a decision announced Friday.
- Treasury Secretary Scott Bessent told senators he reversed course after more than 10 energy‑dependent countries pressed their case during last week’s IMF and World Bank meetings.
- He said the step was meant to steady fuel costs for consumers and argued prices might have surged toward $150 a barrel without the relief, compared with about $100 now.
- Ukrainian President Volodymyr Zelenskyy and some U.S. lawmakers criticized the move as aiding Russia’s war chest, as the International Energy Agency reported Moscow’s oil export revenue rose to $19 billion in March from $9.7 billion in February.
- Shipments to major buyers such as India remain near record highs and partners in the Gulf and Asia have asked for dollar swap lines, which let central banks borrow dollars to prevent forced asset sales, as Strait of Hormuz disruptions strain supplies.