Treasury Secretary Scott Bessent said in a post on X that Treasury Department is issuing a temporary general license allowing access to Russian oil currently stranded at sea for “the most vulnerable nations”.
The department said the extension would provide additional flexibility and support crude supplies to energy-vulnerable countries.
It claimed that the waiver is given after several countries sought more time to continue purchasing Russian crude.
The Treasury also said the waiver is expected to help stabilise physical oil markets and reroute existing supply, while limiting China’s ability to build discounted Russian oil stockpiles.
.@USTreasury is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea.
This extension will provide additional flexibility, and we will work with these nations to provide…
— Treasury Secretary Scott Bessent (@SecScottBessent) May 18, 2026
Earlier, today Bloomberg had reported that the decision to authorize a new waiver underscores the pressure President Donald Trump’s administration faces to rein in higher fuel costs and address a global supply crunch caused by the war.
The Treasury had earlier issued two temporary waivers, or general licenses, permitting the same activity. The first waiver, introduced in March, was valid for 30 days and was initially expected to lapse after Treasury Secretary Scott Bessent said it would not be renewed, before the decision was later reversed. The second waiver expired on May 16.
India’s stance
Earlier today on May 18, India had said that it will continue to source Russian crude irrespective of a US waiver, with the oil ministry asserting that such purchases are commercial decisions.
Sujata Sharma, Joint Secretary at the Ministry of Petroleum and Natural Gas (MoPNG), made it clear that Russian crude purchases will continue and described them as commercial calls.
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