The U.S. has extended by 30 days a sanctions waiver covering Russian seaborne oil cargoes already loaded on vessels, Treasury Secretary Scott Bessent said on May 18, according to AP and Reuters. The move follows pressure in energy markets tied to the Iran war and keeps stranded cargoes eligible for delivery and sale under the exemption.
The U.S. has extended by 30 days a sanctions waiver covering Russian seaborne oil cargoes already at sea, Treasury Secretary Scott Bessent said on May 18.
AP and Reuters reported the announcement, which Treasury described as aimed at easing pressure in energy markets as the Iran war strains supply. The extension is meant to allow cargoes already loaded on vessels to be delivered and sold under the temporary relief.
The move reverses an expectation that the waiver would end. Bessent had previously said it would not be renewed, according to the reporting.
OFAC records show the earlier Russia-related general license, issued on April 17, covered crude oil and petroleum products loaded on vessels as of that date and was due to expire on May 16. The new extension keeps those stranded cargoes covered for another 30 days.
The size and scope of the extension make this a short-term market measure rather than a broader change to U.S. sanctions policy. It also leaves open whether Treasury will issue any further follow-on licenses or update the underlying general license text.
What to watch next
The next checkpoint is whether OFAC posts updated license language and whether the 30-day extension is renewed again or allowed to expire.
Revision note
Initial automated publication.