Politico reports that U.S. sanctions on Russian oil have resumed after the Trump administration allowed the waiver, implemented due to the war in Iran, to expire this weekend.
The U.S. Department of the Treasury had granted a delay in the sanctions on Russian oil last month to lower oil and gas prices following the effective blockade of the Strait of Hormuz by Iran in response to U.S.-Israeli attacks. The delay in the sanctions expired on April 11.
The Treasury Department did not respond to Politico's inquiries regarding the cancellation of the sanctions but referred to a statement made in March by Treasury Secretary Scott Bessent, who called the move a "short-term measure."
Until the weekend, it was unclear whether the sanction waiver would be canceled. Senator Jeanne Shaheen (D-New Hampshire), Senate Minority Leader Chuck Schumer (D-New York), and Senator Elizabeth Warren (D-Massachusetts) on Friday urged the administration not to extend the U.S. Treasury Department's license that provided the waiver.
On Friday, Reuters reported, citing sources, that the White House is likely to extend the license for transactions involving Russian oil products. The war in Iran and the delay in the sanctions allowed Russia to gain additional oil and gas revenues in April. It is estimated that these revenues could exceed 10 billion euros.
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