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Treasury Extends Russian Oil Waiver, Funding $150 M Daily War

5/19/2026

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Summary

Story summary

The U.S. Treasury renewed a sanctions waiver for Russian seaborne oil despite Treasury Secretary Scott Bessent’s claim it would not be extended.
Bessent urged G7 partners to enforce Iran sanctions more strictly at a Paris finance ministers’ meeting.
Senators Jeanne Shaheen and Elizabeth Warren warned the waiver channels about $150 million per day to Russia’s war in Ukraine without cutting U.S. fuel costs.

History

Historical Context

After the United States barred Rosneft and Gazprombank from its capital markets in July 2014 following Crimea’s annexation, Western sanctions cut off major financing for Russia’s energy sector. Russia’s oil exports then hovered near 5 million barrels per day. The 2024 Treasury waiver for seaborne oil revives the 2014 exemption debate as G7 leaders weigh tighter caps amid the Ukraine war.

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Story summary

The U.S. Treasury renewed a sanctions waiver for Russian seaborne oil despite Treasury Secretary Scott Bessent’s claim it would not be extended.
Bessent urged G7 partners to enforce Iran sanctions more strictly at a Paris finance ministers’ meeting.
Senators Jeanne Shaheen and Elizabeth Warren warned the waiver channels about $150 million per day to Russia’s war in Ukraine without cutting U.S. fuel costs.

1 / 2