US Extends Exemption for Russian Oil Sanctions by Another 30 Days to Mitigate Soaring Global Oil Prices

(CNA, Washington, 18th) As the war in Iran continues to drive up global energy prices, the U.S. Department of the Treasury announced today that it will extend the sanctions exemption for Russian oil already in transit by sea for another 30 days. The U.S. aims to ease pressure on the international oil market. U.S. Treasury Secretary Scott Bessent stated on social media that the latest "temporary 30-day general license" will "allow the most vulnerable countries to access Russian oil that is currently stranded at sea." Since the outbreak of the war in Iran, global oil prices have been rising steadily, and American consumers have felt the impact of rising gasoline prices, which have increased by more than half compared to pre-war levels. The U.S. first issued a 30-day sanctions exemption for Russian oil in transit in March of this year, extended it in April, and has now extended it for a second time. According to the Treasury Department, the new exemption will last until 12:01 a.m. Eastern Time on June 17. Bessent said the extension provides "more flexibility" and "helps stabilize the spot crude market, ensuring that oil can be delivered to the countries that need it most." (Translator: Chi Chin-ling) 1150519