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Treasury Extends Russian Oil Waiver 30 Days, Aiding Gulf-Cut Nations

5/19/2026

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Summary

Story summary

Treasury Secretary Scott Bessent announced a 30-day extension of the sanctions waiver for Russian crude and petroleum products loaded April 17, excluding oil pumped thereafter.
It aims to help nations cut off from Gulf oil because of the conflict with Iran and the Strait of Hormuz.
The waiver will not lower U.S. gasoline prices while Charles Lichfield warned it could boost Russia’s oil revenues, with Brent above $112 a barrel.

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Story summary

Treasury Secretary Scott Bessent announced a 30-day extension of the sanctions waiver for Russian crude and petroleum products loaded April 17, excluding oil pumped thereafter.
It aims to help nations cut off from Gulf oil because of the conflict with Iran and the Strait of Hormuz.
The waiver will not lower U.S. gasoline prices while Charles Lichfield warned it could boost Russia’s oil revenues, with Brent above $112 a barrel.