{"id":1633,"date":"2026-05-19T01:39:58","date_gmt":"2026-05-19T01:39:58","guid":{"rendered":"https:\/\/usglobalnews.com\/?p=1633"},"modified":"2026-05-19T01:39:58","modified_gmt":"2026-05-19T01:39:58","slug":"us-extends-sanctions-waiver-on-russian-oil-as-supply-crunch-pushes-up-brent-crude-price","status":"publish","type":"post","link":"https:\/\/usglobalnews.com\/?p=1633","title":{"rendered":"US extends sanctions waiver on Russian oil as supply crunch pushes up Brent crude price"},"content":{"rendered":"<div style=\"border-color:var(--article-border);background-color:var(--article-inner-background)\" class=\"dcr-wqti5a\">\n<div class=\"dcr-2zxs1v\">\n<div style=\"--grid-area:media\" data-gu-name=\"media\" class=\"dcr-1fnjjtg\">\n<div class=\"dcr-14emo0l\">\n<div class=\"dcr-tr9ye5\">\n<figure id=\"74c4e4f6-d041-4ba8-84d2-776472fb88a0\" class=\"dcr-142siv7\">\n<div id=\"img-1\" class=\"dcr-1t8m8f2\"><img fetchpriority=\"high\" decoding=\"async\" alt=\"A child plays on the shore as an oil tanker sails in the background\" src=\"https:\/\/i.guim.co.uk\/img\/media\/53d9ff8456d2d98a3d5a045ea93dee62ca889d2f\/0_0_6000_4000\/master\/6000.jpg?width=465&amp;dpr=1&amp;s=none&amp;crop=none\" width=\"465\" height=\"310\" loading=\"eager\" class=\"dcr-evn1e9\"><span class=\"dcr-v822l1\"><\/p>\n<div class=\"dcr-gup2gr\">\n<div class=\"dcr-fntg6k\"><label for=\"the-checkbox\" class=\"dcr-1xgwz8b\"><\/label> <\/p>\n<div id=\"the-caption\"><figcaption data-spacefinder-role=\"inline\" class=\"dcr-1os51wo\"><span class=\"dcr-hvsf4t\"><\/span><span class=\"dcr-1qvd3m6\">A child plays on the shore as the Panamanian-flagged Tiger Wings, carrying crude oil from Russia, is seen moored off the Philippines in April.<\/span> Photograph: Ezra Acayan\/Getty Images<\/figcaption><\/div>\n<\/div>\n<\/div>\n<p><\/span><a href=\"#img-1\" data-ignore=\"global-link-styling\" class=\"open-lightbox dcr-13fd1ms\" aria-hidden=\"true\"><button data-element-id=\"74c4e4f6-d041-4ba8-84d2-776472fb88a0\" type=\"button\" class=\"open-lightbox dcr-4tmywn\" aria-haspopup=\"dialog\"><span class=\"dcr-194i6pr\">View image in fullscreen<\/span><\/button><\/a><\/div>\n<p><span class=\"dcr-n4pnam\"><figcaption data-spacefinder-role=\"inline\" class=\"dcr-1hdkqum\"><span class=\"dcr-hvsf4t\"><\/span><span class=\"dcr-1qvd3m6\">A child plays on the shore as the Panamanian-flagged Tiger Wings, carrying crude oil from Russia, is seen moored off the Philippines in April.<\/span> Photograph: Ezra Acayan\/Getty Images<\/figcaption><\/span><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"--grid-area:border\" data-gu-name=\"border\" class=\"dcr-1fnjjtg\"><\/div>\n<div style=\"--grid-area:headline\" data-gu-name=\"headline\" class=\"dcr-1fnjjtg\">\n<div class=\"dcr-14emo0l\">\n<div class=\"dcr-1aqe7zu\">\n<h1 class=\"dcr-1k1a1x\">US extends sanctions waiver on Russian oil as supply crunch pushes up Brent crude price<\/h1>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"--grid-area:standfirst\" data-gu-name=\"standfirst\" class=\"dcr-1fnjjtg\">\n<div class=\"dcr-15in7js\">\n<p>Democratic senators called extension \u2018indefensible gift\u2019 to Vladimir Putin as supply concerns keep Brent oil above $110 per barrel<\/p>\n<\/div>\n<\/div>\n<div style=\"--grid-area:body\" data-gu-name=\"body\" class=\"dcr-kn9unn\">\n<div class=\"dcr-1a4fred\">\n<div id=\"maincontent\" class=\"dcr-ydnaza\">\n<div class=\"article-body-commercial-selector article-body-viewer-selector dcr-1c9t5u6\">\n<p class=\"dcr-130mj7b\">The US has announced another 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil to aid \u201cenergy-vulnerable\u201d countries hit by the Iran war, reversing plans not to grant an extension.<\/p>\n<p class=\"dcr-130mj7b\">Treasury secretary Scott Bessent said the Treasury was issuing the 30-day general license after a previous <a href=\"https:\/\/www.theguardian.com\/world\/2026\/may\/17\/ukraine-war-briefing-us-allows-russian-oil-sanctions-waiver-to-lapse\" data-link-name=\"in body link\">waiver lapsed on Saturday<\/a>. This will allow temporary access to Russian oil and petroleum products stranded on tankers without violating severe US sanctions on Russian oil majors, he said.<\/p>\n<p class=\"dcr-130mj7b\">\u201cThis general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,\u201d Bessent said.<\/p>\n<figure id=\"de307542-7376-4442-8a63-37c78e802fb7\" data-spacefinder-role=\"richLink\" data-spacefinder-type=\"model.dotcomrendering.pageElements.RichLinkBlockElement\" class=\"dcr-47fhrn\">\n<div data-print-layout=\"hide\" data-link-name=\"rich-link-3 | 3\" data-component=\"rich-link\" data-name=\"placeholder\" class=\"dcr-1kyw41h\">\n<div data-format-theme=\"5\" data-format-design=\"0\" data-format-display=\"0\" class=\"dcr-1bg5532\"><a href=\"https:\/\/www.theguardian.com\/business\/2026\/may\/15\/uae-oil-pipeline-strait-of-hormuz-by-2027\" class=\"dcr-1m887w9\"><\/p>\n<div class=\"dcr-ut4tvs\">\n<div class=\"dcr-1h5b6rb\">\n<div class=\"dcr-169d7yv\">UAE to complete second oil pipeline bypassing strait of Hormuz by 2027<\/div>\n<\/div>\n<div class=\"dcr-eurq8n\">\n<div class=\"dcr-fkf7vq\">Read more<\/div>\n<\/div>\n<\/div>\n<p><\/a><\/div>\n<\/div>\n<\/figure>\n<p class=\"dcr-130mj7b\">Bessent, who last month told the Associated Press that no further extension of the Russian oil sanctions waiver was planned, on Monday argued that the measure would help reroute existing supply to countries most in need, allowing them to compete with China for previously sanctioned oil.<\/p>\n<p class=\"dcr-130mj7b\">The action marks the second time the Treasury has allowed the sanctions waiver to lapse and subsequently extended it.<\/p>\n<p class=\"dcr-130mj7b\">Two senior Democratic senators, Jeanne Shaheen of New Hampshire, and Elizabeth Warren of Massachusetts, blasted the move as an \u201cindefensible gift\u201d to Russian President Vladimir Putin.<\/p>\n<p class=\"dcr-130mj7b\">\u201cEvery additional dollar the Kremlin earns from this license helps Putin finance his illegal war against <a href=\"https:\/\/www.theguardian.com\/world\/ukraine\" data-link-name=\"in body link\" data-component=\"auto-linked-tag\">Ukraine<\/a> and kill innocent Ukrainians,\u201d they said in a statement. They said the US sanctions relief was also not driving down gasoline prices at home or stabilising global energy markets.<\/p>\n<p class=\"dcr-130mj7b\">The Trump administration last year <a href=\"https:\/\/www.theguardian.com\/us-news\/2025\/oct\/22\/us-sanctions-russia-oil-vladimir-putin-refusal-ukraine-war\" data-link-name=\"in body link\">slapped sanctions on Russian oil<\/a> majors Rosneft and Lukoil to pressure Russia to end its war in Ukraine by depriving vital oil revenues to Moscow.<\/p>\n<p class=\"dcr-130mj7b\">But after US-Israeli attacks on Iran drove up global oil prices, the Treasury first issued the temporary licence in March in an attempt to ease oil supply shortages and mitigate price spikes by releasing sanctioned Russian oil and petroleum products stranded in tankers. The waivers do not apply to oil now being pumped by Russia.<\/p>\n<p class=\"dcr-130mj7b\">Analysts said the short-term waivers may help some individual countries dependent on Gulf oil supplies, but would do little to drive down US gasoline prices. \u201cIt is not yet clear whether these short-term authorizations have had any meaningful impact on U.S. gasoline prices,\u201d said Stephanie Connor, a former policy director at the Treasury\u2019s Office of Foreign Assets Control,adding that British and European sanctions on Russian oil purchases remain in place.<\/p>\n<p class=\"dcr-130mj7b\">As in the previous waiver, the licence allowed purchases of Russian crude and petroleum products loaded on vessels as of 17 April, limiting the volume of the sales and not allowing access to Russian oil that had been more recently loaded.<\/p>\n<p class=\"dcr-130mj7b\">Charles Lichfield, deputy director of the Atlantic Council\u2019s GeoEconomics Center, said that the waivers would boost Russia\u2019s oil revenues, already bolstered by higher oil prices, while offsetting the impact of increased Ukrainian strikes on Russian oil refineries and other infrastructure.<\/p>\n<p class=\"dcr-130mj7b\">\u201cGiven the information coming out of the Russian economy that looks bad, this might be the time to really hit them with sanctions,\u201d Lichfield said. \u201cBut I don\u2019t see (that) the administration has come to that conclusion.\u201d<\/p>\n<p class=\"dcr-130mj7b\">On Monday, benchmark <a href=\"https:\/\/www.theguardian.com\/business\/2026\/may\/18\/oil-prices-rise-bonds-iran-war-peace-talks-inflation-trump-crude-gilts-starmer\" data-link-name=\"in body link\">Brent oil futures prices rose about 2.6%<\/a> to close above $112 per barrel due to growing concerns of tight supply.<\/p>\n<p class=\"dcr-130mj7b\">Bessent, who is in Paris for a Group of Seven finance leaders meeting, said he wanted G7 and other allies to enforce Iran sanctions more strongly.<\/p>\n<\/div>\n<\/div>\n<div data-print-layout=\"hide\" class=\"dcr-qxqnsy\"><span class=\"dcr-1rq3vad\">Explore more on these topics<\/span><\/p>\n<div class=\"dcr-1dzx48f\">\n<ul class=\"dcr-1rrvs2w\">\n<li class=\"dcr-hj8byr\"><a href=\"\/us-news\/us-foreign-policy\" class=\"dcr-1gwziyt\">US foreign policy<\/a><\/li>\n<li class=\"dcr-hj8byr\"><a href=\"\/world\/russia\" class=\"dcr-1gwziyt\">Russia<\/a><\/li>\n<li class=\"dcr-hj8byr\"><a href=\"\/world\/ukraine\" class=\"dcr-1gwziyt\">Ukraine<\/a><\/li>\n<li class=\"dcr-hj8byr\"><a href=\"\/world\/us-israel-war-on-iran\" class=\"dcr-1gwziyt\">US-Israel war on Iran<\/a><\/li>\n<li class=\"dcr-hj8byr\"><a href=\"\/world\/strait-of-hormuz\" class=\"dcr-1gwziyt\">Strait of Hormuz<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"dcr-nu129i\"><a href=\"mailto:?subject=US%20extends%20sanctions%20waiver%20on%20Russian%20oil%20as%20supply%20crunch%20pushes%20up%20Brent%20crude%20price&amp;body=https:\/\/www.theguardian.com\/us-news\/2026\/may\/19\/us-extends-sanctions-waiver-russian-oil-second-time?CMP=share_btn_url\" class=\"dcr-125qj9d\">Share<\/a><\/p>\n<div class=\"dcr-zhx6xs\"><a data-link-name=\"meta-syndication-article\" href=\"https:\/\/syndication.theguardian.com\/?url=https%3A%2F%2Fwww.theguardian.com%2Fus-news%2F2026%2Fmay%2F19%2Fus-extends-sanctions-waiver-russian-oil-second-time&amp;type=article&amp;internalpagecode=us-news\/2026\/may\/19\/us-extends-sanctions-waiver-russian-oil-second-time\" target=\"_blank\" rel=\"noreferrer\" title=\"Reuse this content\" class=\"dcr-14rjinq\">Reuse this content<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div style=\"--grid-area:right-column\" data-gu-name=\"right-column\" class=\"dcr-1h2hraq\">\n<div class=\"dcr-tn16h9\">\n<section class=\"dcr-1hko8ef\"><\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A child plays on the shore as the Panamanian-flagged Tiger Wings, carrying crude oil from Russia, is 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