US extends sanctions waiver on Russian at-sea oil by 30 days

Treasury Secretary Scott Bessent said on May 18 that the United States will extend by 30 days a sanctions waiver covering Russian oil cargoes already at sea.

The move reverses an earlier signal that the waiver would not be renewed. Reuters first reported the extension, and AP later confirmed it.

Bessent said the decision was meant to help ease pressure on oil supplies as the Iran war has tightened global markets and raised concern for energy-vulnerable countries.

The temporary waiver had been expected to expire around May 16. The extension gives shippers and buyers more time to settle cargoes that were already in transit when the policy was due to lapse.

The new step leaves open questions about whether Treasury will issue a longer-term extension or let the waiver end after the additional 30 days.