US Treasury Secretary: May Shift to Country-Specific Approvals for Russian Oil Sanctions Waiver
The US temporary sanctions waiver on Russian oil is set to expire on June 17. Treasury Secretary Scott Bessent stated that future waivers may be issued on a country-specific basis rather than a general one. He argued that the impact on Russian revenue is minimal and that it would allow Russian oil to flow to US allies. This comes amid a global energy price surge due to Iran's blockade of the Strait of Hormuz.
📋 Article Processing Timeline
- 📰 Published: June 5, 2026 at 09:29
- 🔍 Collected: June 5, 2026 at 09:45 (16 min after Published)
- 🤖 AI Analyzed: June 6, 2026 at 15:21 (29h 35m after Collected)
With the US temporary sanctions waiver on Russian oil set to expire, Treasury Secretary Scott Bessent said today that future waivers may be issued on a country-specific basis, allowing certain countries to purchase Russian oil. As the Middle East war drives up global energy prices, the Trump administration has twice extended the waiver for Russian oil cargoes already in transit, with the current extension set to expire on June 17. Speaking before the House Ways and Means Committee, Bessent stated, "If there are further waiver measures, I would prefer to issue them on a country-specific basis rather than a general application." Addressing concerns that the waiver would benefit Moscow and impact the war in Ukraine, Bessent explained, "The additional revenue Russia can gain from the temporary waiver is extremely limited. Russian oil is already exported to China; the temporary waiver simply provides an opportunity for Russian oil to flow to US allies." In retaliation for US attacks, Iran has almost completely blocked navigation through the Strait of Hormuz, causing energy prices to skyrocket and severely impacting countries heavily dependent on oil imports.