The US did not extend the relaxation of sanctions on Russian oil — sanctions were renewed, but everything could change

The US did not extend the relief against Russian crude oil stuck at sea. The US Treasury Department on March 13 issued a 30-day authorization to sell due to the rise in oil prices caused by the war in the Middle East and Iranʼs blockade of the Strait of Hormuz.

On April 15, when a month had passed and sanctions had been reinstated, US Treasury Secretary Scott Bessent stated that the US would not extend the relief. However, on April 18, the US Treasury Department extended it until May 16.

Bessent later said that he had been asked to do so by more than ten of the poorest and most energy-vulnerable countries. He also believes that easing sanctions, on the contrary, gives Russia less opportunity to earn. The logic is this: the price of oil is now about $100 per barrel, and without these easings it would be $150 per barrel, and then Russia could sell its other oil at much higher prices.

Therefore, Bloomberg writes that, as in April, lobbying from the USʼs Asian partners (such as India and the Philippines) may still prompt the White House to resume easing. Currently, the price of Brent crude oil is reaching almost $110 per barrel. On the eve of the war between the US, Israel and Iran, it was around $65 per barrel.

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