The US Treasury Secretary Scott Bessent stated during a Senate hearing that his country continued to ease sanctions against Russian oil because more than ten of the poorest and most energy-vulnerable countries asked him to do so.
The Associated Press published Bessentʼs hearing on YouTube.
On April 15, Bessent said the US would not extend the waivers against Russian crude oil stuck at sea. However, on April 18, the US Treasury Department extended them until May 16. Bessent says he believed at the time of his statement that the US would not do so.
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.
- The US Treasury Department on March 13 issued a temporary permit to sell Russian crude oil stuck on tankers at sea to cushion the rise in oil prices caused by the war in the Middle East and the closure of the Strait of Hormuz.
- The permit expired in 30 days, so sanctions were reimposed on April 12. On April 10, Bloomberg reported that several Asian countries, including India and the Philippines, were urging the US to extend the waivers for Russian oil.
- On March 20, the US also authorized the sale of Iranian oil held at sea. This authorization expired on April 19.
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