US Will Not Be Renewing Waivers For Iranian And Russian Oil: US Treasury Secretary Scott Bessent

1 min readApr 16, 2026 11:24 AM IST

The United States (US) will not renew the waivers that allowed purchase of Iranian and ‌Russian oil without facing US sanctions, American Treasury Secretary Scott Bessent said Wednesday.

It was earlier reported Tuesday that the US would not renew a 30-day waiver of sanctions on Iranian oil at sea that scheduled to expire this week, and let a similar waiver on sanctions on Russian oil expire over the weekend.

Bessent warned that the US is gearing up to ratchet economic pain on Iran by levying secondary sanctions on financial institutions that are engaged in business with the Middle Eastern nation.

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The US-Israel war against Iran has resulted in the largest-ever disruption of ⁠energy supplies due to Iran’s interruption of traffic through the strait, which provides a passage for 20% of the world’s oil ⁠and liquefied natural ‌gas shipments.

The US imposed a blockade at Iranian ports that its military said has completely halted trade going in and out of the country by sea.

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