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Treasury Renews Russian Oil Sanctions Waiver Despite Previous Claims

5/19/2026

Summary

Story summary

Treasury Secretary Scott Bessent announced a renewal of the Russian oil sanctions waiver, reversing his claim that no further extension would be granted.
He said the waiver will stabilize the crude market and get oil to the most energy-vulnerable countries.
Senate Democrats said the prior waiver earned Russia about $150 million daily, over $4 billion total.
India’s petroleum ministry said its Russian oil purchases will continue because they are commercially viable.

History

Historical Context

After the UN Security Council adopted Resolution 661 on 6 August 1990, it imposed a comprehensive oil embargo on Iraq following its invasion of Kuwait, a regime that persisted until 22 May 2003 and was later softened by the 1995 Oil-for-Food Programme allowing $2 billion of oil sales each six months. Today, Secretary Scott Bessent’s renewal of a Russian oil-sanctions waiver echoes that precedent, showing waivers can become diplomatic leverage.

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Story summary

Treasury Secretary Scott Bessent announced a renewal of the Russian oil sanctions waiver, reversing his claim that no further extension would be granted.
He said the waiver will stabilize the crude market and get oil to the most energy-vulnerable countries.
Senate Democrats said the prior waiver earned Russia about $150 million daily, over $4 billion total.
India’s petroleum ministry said its Russian oil purchases will continue because they are commercially viable.

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