The United States has announced another 30-day extension of a sanctions waiver for countries buying Russian oil and petroleum products currently already loaded on tankers at sea, as global energy markets have been roiled by the US-Israel war on Iran.In a post on X on Monday, Treasury Secretary Scott Bessent announced that the US would issue the extension “to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea”. It will last until June 17.Recommended Stories list of 3 itemsend of list“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” he wrote.“It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil,” he added.The US issued its first 30-day sanctions waiver for Russian oil and petroleum products in March in a bid to stabilise global energy markets after crude oil prices surged above $100 per barrel in the wake of US-Israeli strikes on Iran. In April, Bessent told The Associated Press news agency that Washington had no plans to renew the waiver.But energy markets have failed to stabilise amid ongoing negotiations for a peace proposal between the US and Iran, as well as …
