US Treasury Secretary Scott Bessent announced on Monday the extension of a temporary license allowing certain countries to purchase Russian oil already loaded on tankers. The authorization is valid for another 30 days, Bessent said on platform X. The decision comes just two days after Washington reinstated sanctions on Russian oil.
Bessent said the license targets the “most vulnerable countries” and aims to stabilize global oil markets. “This extension provides additional flexibility, and we will work with these countries to issue specific licenses as needed,” the minister wrote. The measure helps stabilize the physical oil market and ensures that crude reaches countries most in need of energy.
The US issued the first such exemption on March 12 to alleviate shortages after Iran closed the Strait of Hormuz. That license expired on April 11, with an extension valid until May 16. Now a third extension follows for another month.
