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U.S. Extends Sanctions Relief on Russian Oil Amid Shortages

4/22/2026

Summary

Story summary

On April 22, 2026, U.S. Treasury Secretary Scott Bessent testified before Senate hearing, announcing a 30-day extension of sanctions relief on Russian seaborne oil.
The extension followed requests from about 10 countries facing oil shortages due to the closed Strait of Hormuz.
The move reversed his stance against renewing expiring sanctions waivers.
Bessent dismissed claims that Iran gained US$14 billion from the relief as a myth and offered no figure.

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Story summary

On April 22, 2026, U.S. Treasury Secretary Scott Bessent testified before Senate hearing, announcing a 30-day extension of sanctions relief on Russian seaborne oil.
The extension followed requests from about 10 countries facing oil shortages due to the closed Strait of Hormuz.
The move reversed his stance against renewing expiring sanctions waivers.
Bessent dismissed claims that Iran gained US$14 billion from the relief as a myth and offered no figure.