Treasury Secretary Scott Bessent stated on social media that the new “temporary 30-day general licence” will “provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea.”
As global energy prices continue to rise as a result of the U.S.-Israel assault on Iran, the U.S. Treasury Secretary announced on Monday, May 18, 2026, that Washington is extending by 30 days the sanctions waiver for Russian oil cargoes already at sea.
Treasury Secretary Scott Bessent stated on social media that the new “temporary 30-day general licence” will “provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea.”
The interim measure, which is intended to solve shortages of oil supply brought on by the U.S.-Israel attack on Iran, was extended for the second time by U.S. officials on Monday.
About a fifth of the world’s oil and gas supplies typically flow through the Strait of Hormuz, which has been virtually shut by Iran’s punitive actions, which have also targeted U.S. regional allies.
On May 16, the prior waiver for Russian at-sea oil came to an end.On May 16, the prior waiver for Russian at-sea oil came to an end.
Since the beginning of the conflict, oil prices have skyrocketed globally, and American consumers are suffering from petrol prices that are more than 50% more than they were before the conflict started.
In March, the US initially waived restrictions on Russian oil shipments that were at sea.
According to Mr. Bessent, the extension “will help stabilise the physical crude market and ensure oil reaches the most energy-vulnerable countries” and “provide additional flexibility.”
He continued, “It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil.”
