The U.S. will not extend the sanctions exemptions for Russian and Iranian oil
25 April 08:30
The U.S. does not plan to extend the temporary sanctions exemption that allows countries to purchase Russian and Iranian petroleum products already at sea, Treasury Secretary Scott Bessent said in an interview with the Associated Press (AP) published on the evening of Friday, April 24, according to "Komersant Ukrainian".
Moreover, the issue of extending the one-time exemption previously granted for energy products from Iran is not on the agenda at all, the minister explained.
Bassent admitted that the exemption for Russian oil was granted after “more than 10 of the most vulnerable and poorest countries” requested it during meetings of the World Bank Group and the International Monetary Fund (IMF) in mid-April.
“This was done for these vulnerable and poor countries. But I cannot imagine that we will have another extension. I think that Russian oil at sea is basically already exhausted,” he explained.
At the same time, Scott Bessent believes that pressure on Iran will soon force Tehran to cut oil production.
“We think that in the next two to three days, they will have to start cutting production, which will be very bad for their wells,” he added.
The U.S. extended the partial lifting of sanctions on Russian oil until May 16
On April 18, Reuters reported that the U.S. had extended until May 16 the license to sell Russian oil and petroleum products already loaded onto tankers. Prior to this, Scott Bessent had stated that Washington would not extend the exemptions.
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Previous U.S. easing of restrictions on Russian oil exports was introduced on March 13 amid rising energy prices caused by the war in Iran and the blockade of the Strait of Hormuz, and remained in effect for 30 days. At the time, Bessent called it a “narrowly targeted and short-term” measure that was not expected to significantly impact Moscow’s oil revenues. However, The New York Times reported on April 13 that following the easing of U.S. sanctions, Russia was earning over $100 million in additional revenue daily from oil sales.
Among others, Ukrainian President Volodymyr Zelenskyy and the country’s ambassador to the United States, Olha Stefanishyna, spoke out against the temporary easing of restrictions.
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